Maine Revised Statutes Title 24-A Sec. 423-A – Interim financial reporting requirements
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1. Quarterly statement. No later than the 15th day of the 2nd month following the close of any calendar quarter, except the 4th quarter, an authorized insurer that is subject to the requirements of section 423 shall file a quarterly statement of financial condition with the superintendent.
[PL 2017, c. 169, Pt. A, §4 (AMD).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 423-A
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- 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.
- Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
- National Association of Insurance Commissioners: means the National Association of Insurance Commissioners or its successor organization of insurance regulators. See Maine Revised Statutes Title 24-A Sec. 15
- Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 1 Sec. 72
- Oath: A promise to tell the truth.
2. Form and content. The quarterly statement must be in the form prescribed by the National Association of Insurance Commissioners and must be prepared in accordance with the association’s quarterly statement instructions.
[PL 2017, c. 169, Pt. A, §4 (AMD).]
3. Verification. The report must be verified by the oath of the insurer’s president or vice-president, and the secretary or actuary as applicable, or in the absence of the foregoing, by 2 other principal officers; or if a reciprocal insurer, by the oath of the attorney-in-fact or its like officers if a corporation.
[PL 2017, c. 169, Pt. A, §4 (AMD).]
4. Supplemental reporting. Upon the superintendent’s request, the insurer shall file periodic reports of financial condition on a monthly basis, or at other intervals prescribed by the superintendent, in such form and containing such information as the superintendent prescribes.
[PL 2017, c. 169, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 1985, c. 330, §6 (NEW). PL 2017, c. 169, Pt. A, §4 (AMD).