1. Subject to subsection 2 and section 1137, this chapter applies to all insurers except life or health insurers that transact business of a type described in section 409, subsection 3.

[PL 1991, c. 385, §9 (NEW).]

Terms Used In Maine Revised Statutes Title 24-A Sec. 1101

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
2. Each domestic all lines insurer, as defined in section 409, subsection 2, shall, for accounting and financing purposes, establish and maintain distinct accounts dedicated exclusively to the insurance it transacts under its life or health insurance authority and to the remainder of its business. Each account must include reserves and surplus funds adequate to financially support the underwriting activity. All assets allocated to life accounts and health accounts are subject to chapter 13?A rather than this chapter. The books and records of any insurer writing more than one kind of business must reflect the assets and operations relating to each underwriting activity in detail sufficient to demonstrate compliance with this chapter and chapter 13?A.

[PL 1991, c. 385, §9 (NEW).]

SECTION HISTORY

PL 1969, c. 132, §1 (NEW). PL 1987, c. 399, §3 (AMD). PL 1989, c. 846, §§B1,E4 (AMD). PL 1991, c. 385, §9 (RPR).
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