Maine Revised Statutes Title 24-A Sec. 405 – Exceptions to certificate of authority requirement
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A certificate of authority shall not be required of an insurer with respect to any of the following: [PL 1969, c. 132, §1 (NEW).]
1. Investigation, settlement or litigation of claims under its policies lawfully written in this State, or liquidation of assets and liabilities of the insurer, other than collection of new premiums, all as resulting from its former authorized operations in this State;
[PL 1969, c. 132, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 405
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
2. Except as provided in section 404, subsection 2, transactions thereunder subsequent to issuance of a policy covering only subjects of insurance not resident, located or expressly to be performed in this State at time of issuance, and lawfully solicited, written and delivered outside this State;
[PL 1969, c. 132, §1 (NEW).]
3. Transactions pursuant to surplus lines coverages lawfully written under chapter 19;
[PL 1969, c. 132, §1 (NEW).]
4. Reinsurance, except as to domestic reinsurers;
[PL 1969, c. 132, §1 (NEW).]
5. Transactions relative to its investments in this State;
[PL 1969, c. 132, §1 (NEW).]
6. Any suit or action by the duly constituted receiver, rehabilitator or liquidator of the insurer, or of the insurer’s assignee or successor, under laws similar to those contained in chapter 57; or
[PL 2011, c. 90, Pt. C, §1 (AMD).]
7. Transactions pursuant to individual health insurance covering residents of this State written by a regional insurer or health maintenance organization, as defined in section 405?A, duly authorized or qualified to transact individual health insurance in the state or country of its domicile if the superintendent certifies that the regional insurer or health maintenance organization meets the requirements of section 405?A.
[PL 2011, c. 90, Pt. C, §2 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 2011, c. 90, Pt. C, §§1, 2 (AMD).