Title 24-A, Title 24-A

As to returns and taxes on premiums and annuity considerations refer to Title 36, chapter 357.

The superintendent shall keep a correct account of all fees and moneys received by the superintendent by virtue of the superintendent's office, and shall pay the same over to the Treasurer of State forthwith.

1. There is created in the State Treasury a dedicated account to be designated the "Insurance Regulatory Fund," the funds of which are hereby appropriated for the partial support and maintenance of the Insurance Bureau. 2. The Treasurer of State shall credit the following funds t…

1. Payment by the insurer of the taxes as required by Title 25, section 2399 and Title 36, chapter 357 is in lieu of all taxes imposed by the State upon the insurer, or any subsidiary referred to in section 1157, subsection 5, paragraph B, subparagraph (1), upon premiums or upon …

Annually, beginning with the 2027-28 fiscal year, within 90 days following the end of the immediately prior fiscal year, and upon verification by the superintendent that sufficient surplus funds exist, the State Controller shall transfer $1,755,000 from available balances in the …

It is intended that certain insurance coverages may come within the definitions of 2 or more kinds of insurance as defined in this chapter, and the inclusion of such coverage within one definition shall not exclude it as to any other kind of insurance within the definition of whi…

Life insurance is insurance on human lives. The transaction of life insurance includes also the granting endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured's disability, and optio…

For the purposes of this Title, an "annuity" is a contract under which obligations are assumed with respect to periodic payments for a specific term or terms or where the making or continuance of all or of some of the payments, or the amount of a payment, is dependent upon the co…

1. Charitable gift annuity agreement defined. For the purposes of this Title, a "charitable gift annuity agreement" is a written contract in which a qualified organization receives money or other property conditioned upon the organization's agreement to pay an annuity to one or m…

1. Health insurance. For purposes of this Title, except as provided in subsection 2 and subsection 3, "health insurance" means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or …

For purposes of this Title, "health maintenance organization" is defined in section 4202‑A, subsection 10.

Property insurance is insurance on real or personal property of every kind and of every interest therein against loss or damage from any and all hazard or cause, and against loss consequential upon such loss or damage, other than noncontractual legal liability for any such loss o…

The definition of "bonds" includes: [PL 1995, c. 329, §4 (AMD).] 1. Fidelity insurance, which is insurance guaranteeing the honesty of persons holding positions of public or private trust; 2. Surety insurance guaranteeing the performance of contracts, other than insurance policie…

1. Casualty insurance includes: A. Vehicle insurance. Insurance against loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, from any hazard or cause, an…

1. "Marine and transportation insurance" includes: A. Insurance against any kinds of loss or damage to: (1) Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bulli…

Title insurance is insurance of owners of property or others having an interest therein, or liens or encumbrances thereon, against loss by encumbrance, or defective titles, or invalidity, or adverse claim to title.

The term "financial guaranty insurance" includes any insurance under which loss is payable upon proof of occurrence of any of the following events to the damage of an insured claimant or obligee: [PL 1987, c. 707, §2 (NEW).] 1. Failure of any obligor or obligors on any debt instr…

1. No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this State or elsewhere, in an amount exceeding 10% of its surplus to policyholders. 2. A "subject of insurance" for the purposes of this section, as to insurance against fi…

An insurer may accept reinsurance only of such kinds of risks, and retain risk thereon within such limits, as the insurer is otherwise authorized to insure.

1. Except to the extent that the liabilities ceded are secured in accordance with subsection 3, credit for reinsurance is allowed a domestic ceding insurer as either an asset or a deduction from liability on account of reinsurance ceded only when the reinsurance is ceded to a sol…

The cession of bulk reinsurance by a domestic insurer is subject to section 3483.

The superintendent may by rule or order require an insurer to promptly inform the superintendent in writing of the cancellation or any other material change of any of the insurer's reinsurance treaties or arrangements. Rules adopted pursuant to this section are routine technical …

1. Reinsurance claim exposure. An insurer shall manage its reinsurance recoverables proportionate to its own book of business. A domestic insurer shall notify the superintendent within 30 days after reinsurance recoverables from any single assuming insurer, or group of affiliated…

Any ceding insurer must report in its annual statement all funds withheld and deposit funds established pursuant to contracts of ceded reinsurance. Ceding insurers must report this and related information as required by reporting rules established by the National Association of I…

The superintendent may examine the reinsurance agreements or deposit arrangements of a ceding insurer at any time.

1. Prohibition. Notwithstanding section 731‑B, subsection 1, paragraph B, a domestic property or domestic casualty insurer, other than mutual assessment insurers operating pursuant to chapter 51, possessing less than $10,000,000 in surplus regarding policyholders may not, without…

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 828, §20 (NEW).] 1. Actuary. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. 2. Cession. "Cession" mea…

1. Qualifications for license. For the protection of the people of this State, the superintendent may not issue, continue or permit to exist any reinsurance intermediary license except in compliance with this subchapter. 2. License requirement. 2-A. License requirement. A person …

The superintendent may issue a reinsurance intermediary license to any person or organization that complies with the requirements of this subchapter. [PL 1995, c. 544, §8 (AMD).] 1. Licensing; persons that are not individuals. Licensing of a firm, association, partnership or corp…

Transactions between a reinsurance intermediary-broker and the insurer it represents in such a capacity may be entered into only pursuant to a written authorization specifying the responsibilities of each party. The authorization must, at a minimum, provide that: [PL 1991, c. 828…

1. Records required. For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing: A. The type of contract, limits, underwrit…

1. License requirements. An insurer may not engage the services of any person to act as a reinsurance intermediary-broker on the insurer's behalf unless that person is licensed as required by this subchapter. 2. Status of intermediary-broker. An insurer may not employ an individu…

Transactions between a reinsurance intermediary-manager and the reinsurer it represents in such capacity may be entered into only pursuant to a written contract, specifying the responsibilities of each party, that must be approved by the reinsurer's board of directors. At least 3…

1. Records required. For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-manager, the reinsurance intermediary-manager shall keep a complete record for each transaction showing: A. The type of contract, limits, underwr…

The reinsurance intermediary-manager may not: [PL 1991, c. 828, §20 (NEW).] 1. Retrocession. Retrocede business on behalf of the reinsurer; except that, the reinsurance intermediary-manager may facultatively retrocede business pursuant to obligatory facultative agreements if the …

1. License required. A reinsurer may not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless that person is licensed as required by this subchapter. 2. Financial statements. The reinsurer shall annually obtain a copy of statements o…

1. Authority. A reinsurance intermediary is subject to examination by the superintendent. The superintendent must have access to all books, bank accounts and records of the reinsurance intermediary in a usable form. 2. Status. A reinsurance intermediary-manager may be examined as…

1. Violation. A reinsurance intermediary, insurer or reinsurer found by the superintendent, after a hearing conducted in accordance with the Maine Administrative Procedure Act, to be in violation of any provision of this Title, is subject to the following. A. For each separate vi…

The superintendent may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.

This subchapter takes effect January 1, 1993. An insurer or reinsurer may not continue to utilize the services of a reinsurance intermediary on and after February 1, 1993 unless utilization is in compliance with this subchapter.

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1993, c. 603 (NEW).] 1. Assuming insurer. "Assuming insurer" means the insurer that acquires an insurance obligation or risk from the transferring insurer purs…

1. Application. This subchapter applies to an insurer authorized in this State that either assumes or transfers the obligations or risks on contracts of insurance pursuant to an assumption reinsurance agreement. 2. Exceptions. This subchapter does not apply to the following: A. A…

1. Notice to policyholders, agents and brokers. Notice to policyholders, agents and brokers is required as follows. A. The transferring insurer shall provide or cause to be provided to each policyholder a notice of transfer by first class mail, addressed to the policyholder's las…

1. Right to reject. Every policyholder has the right to reject the transfer and novation of the contracts of insurance. A policyholder electing to reject the assumption transaction shall return to the transferring insurer the preaddressed, postage-paid response card or other writ…

If a policyholder consents to the transfer pursuant to section 764 or if the transfer is effected under section 766, there is a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer is relieved of all i…

1. Transfer in the best interest of the policyholders. If an insurer domiciled in this State or in a jurisdiction having a substantially similar law is determined by the domiciliary insurance regulatory official to be in hazardous financial condition or an administrative proceedi…