Terms Used In Maine Revised Statutes > Title 22-A > Subtitle 1 > Chapter 1 > Subchapter 2 - Organization

• Adjusted risk-based capital report: means a risk-based capital report that has been adjusted by the superintendent in accordance with section 6452, subsection 3. See Maine Revised Statutes Title 24-A Sec. 6451
• administrator: means an administrator licensed pursuant to chapter 18. See Maine Revised Statutes Title 24-A Sec. 6601
• Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
• arrangement: means an employer welfare benefit plan or any other arrangement that is established or maintained for the purpose of offering or providing health benefits to the employees of 2 or more employers or to their beneficiaries. See Maine Revised Statutes Title 24-A Sec. 6601
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22-A Sec. 101
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corrective order: means an order issued by the superintendent specifying corrective actions that the superintendent has determined are required. See Maine Revised Statutes Title 24-A Sec. 6451
• Decedent: A deceased person.
• Declaration of trust: means a joint statement of those participating employers composing a multiple-employer welfare arrangement in which the purposes, plan of administration, rights and duties of the participants and the manner of funding obligations arising under the arrangement are established. See Maine Revised Statutes Title 24-A Sec. 6601
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22-A Sec. 101
• Dependent: A person dependent for support upon another.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Domestic insurer: means any insurance company domiciled in this State. See Maine Revised Statutes Title 24-A Sec. 6451
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreign insurer: means any insurance company that is authorized to do business in this State under section 404 but is not domiciled in this State. See Maine Revised Statutes Title 24-A Sec. 6451
• Fund balance: includes other contributed capital, retained earnings and subordinated debt. See Maine Revised Statutes Title 24-A Sec. 6601
• Funded trust: means that legal entity created to receive, hold and administer contributions of employers participating in the arrangement that is composed of assets acceptable to the superintendent equal to or in excess of loss reserves and all other liabilities of the arrangement. See Maine Revised Statutes Title 24-A Sec. 6601
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• 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 expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Infant: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legatee: A beneficiary of a decedent
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mandatory control level risk-based capital: means the product of . See Maine Revised Statutes Title 24-A Sec. 6451
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Participation agreement: means the document pursuant to which an employer undertakes and agrees to fulfill the obligation of employers imposed by the declaration of trust. See Maine Revised Statutes Title 24-A Sec. 6601
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Probate: Proving a will
• Property and casualty insurer: means any insurance company authorized to do business in this State under section 410 except a life or health insurer or single line mortgage guaranty insurer, financial guaranty insurer or title insurer. See Maine Revised Statutes Title 24-A Sec. 6451
• Qualified financial institution: means an institution that is organized, or in the case of a United States branch or agency office of a foreign banking organization is licensed under the laws of the United States or any state, and has been granted authority to operate with fiduciary powers and is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies. See Maine Revised Statutes Title 24-A Sec. 6601
• Risk-based capital plan: means a comprehensive financial plan containing the elements specified in section 6453, subsection 2. See Maine Revised Statutes Title 24-A Sec. 6451
• Risk-based capital report: means the report required in section 6452. See Maine Revised Statutes Title 24-A Sec. 6451
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Total adjusted capital: means the sum of: