Maine Revised Statutes Title 24-A Sec. 6451 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1993, c. 634, Pt. A, §1 (NEW).]
1. Adjusted risk-based capital report. “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.
[PL 1993, c. 634, Pt. A, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 6451
- 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
- Authorized control level risk-based capital: means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions; and [PL 1993, c. See Maine Revised Statutes Title 24-A Sec. 6451
- Company action level risk-based capital: means , with respect to any insurer, the product of 2. See Maine Revised Statutes Title 24-A Sec. 6451
- 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
- Domestic insurer: means any insurance company domiciled in this State. See Maine Revised Statutes Title 24-A Sec. 6451
- 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
- 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
- Life or health insurer: means any insurance company described in section 409, subsection 3 and authorized to do business in this State under section 410, or a licensed property and casualty insurer writing only accident and health insurance. See Maine Revised Statutes Title 24-A Sec. 6451
- Mandatory control level risk-based capital: means the product of . See Maine Revised Statutes Title 24-A Sec. 6451
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Negative trend: means :
A. See Maine Revised Statutes Title 24-A Sec. 6451Property 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 Regulatory action level risk-based capital: means the product of 1. See Maine Revised Statutes Title 24-A Sec. 6451 Risk-based capital instructions: means the risk-based capital instructions adopted by the NAIC, as such risk-based capital instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Maine Revised Statutes Title 24-A Sec. 6451 Risk-based capital level: means an insurer's company action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital or mandatory control level risk-based capital where:
A. See Maine Revised Statutes Title 24-A Sec. 6451Risk-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 Total adjusted capital: means the sum of:
2. Corrective order. “Corrective order” means an order issued by the superintendent specifying corrective actions that the superintendent has determined are required.
[PL 1993, c. 634, Pt. A, §1 (NEW).]
3. Domestic insurer. “Domestic insurer” means any insurance company domiciled in this State.
[PL 1997, c. 81, §1 (AMD).]
4. Foreign insurer. “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.
[PL 1997, c. 81, §1 (AMD).]
4-A. Life or health insurer. “Life or health insurer” means any insurance company described in section 409, subsection 3 and authorized to do business in this State under section 410, or a licensed property and casualty insurer writing only accident and health insurance.
[PL 1997, c. 81, §2 (NEW).]
5. NAIC.
[PL 2021, c. 521, §28 (RP).]
6. Negative trend. “Negative trend” means:
A. With respect to a life or health insurer, a negative trend over a period of time, as determined in accordance with the trend test calculation included in the risk-based capital instructions; and [PL 2013, c. 238, Pt. D, §1 (NEW).]
B. With respect to a property and casualty insurer, a trend that meets the triggering criteria, as determined in accordance with the trend test calculation included in the risk-based capital instructions. [PL 2013, c. 238, Pt. D, §1 (NEW).]
[PL 2013, c. 238, Pt. D, §1 (RPR).]
6-A. Property and casualty insurer. “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.
[PL 1997, c. 81, §4 (NEW).]
7. Risk-based capital instructions. “Risk-based capital instructions” means the risk-based capital instructions adopted by the NAIC, as such risk-based capital instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.
[PL 1993, c. 634, Pt. A, §1 (NEW).]
8. Risk-based capital level. “Risk-based capital level” means an insurer’s company action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital or mandatory control level risk-based capital where:
A. “Company action level risk-based capital” means, with respect to any insurer, the product of 2.0 and its authorized control level risk-based capital; [PL 1993, c. 634, Pt. A, §1 (NEW).]
B. “Regulatory action level risk-based capital” means the product of 1.5 and its authorized control level risk-based capital; [PL 1993, c. 634, Pt. A, §1 (NEW).]
C. “Authorized control level risk-based capital” means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions; and [PL 1993, c. 634, Pt. A, §1 (NEW).]
D. “Mandatory control level risk-based capital” means the product of .70 and the authorized control level risk-based capital. [PL 1993, c. 634, Pt. A, §1 (NEW).]
[PL 1993, c. 634, Pt. A, §1 (NEW).]
9. Risk-based capital plan. “Risk-based capital plan” means a comprehensive financial plan containing the elements specified in section 6453, subsection 2. If the superintendent rejects the risk-based capital plan and it is revised by the insurer, with or without the superintendent’s recommendation, the plan is called the revised risk-based capital plan.
[PL 1993, c. 634, Pt. A, §1 (NEW).]
10. Risk-based capital report. “Risk-based capital report” means the report required in section 6452.
[PL 1993, c. 634, Pt. A, §1 (NEW).]
11. Total adjusted capital. “Total adjusted capital” means the sum of:
A. An insurer’s statutory capital and surplus; and [PL 1993, c. 634, Pt. A, §1 (NEW).]
B. Such other items, if any, as the risk-based capital instructions provide. [PL 1993, c. 634, Pt. A, §1 (NEW).]
[PL 1993, c. 634, Pt. A, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 634, Pt. A, §1 (NEW). PL 1997, c. 81, §§1-4 (AMD). PL 2013, c. 238, Pt. D, §1 (AMD). PL 2021, c. 521, §28 (AMD).