1. Financial statement. A captive insurance company shall submit an annual statement of financial condition audited by an independent certified public accountant to the superintendent on or before the last day of the 6th month following the end of the company’s fiscal year.
A. The audited financial statement of an association captive insurance company or industrial insured captive insurance company must be prepared in conformity with statutory accounting principles. [PL 2017, c. 169, Pt. G, §8 (NEW).]
B. The audited financial statement of a captive insurance company other than those set out in paragraph A must be prepared in conformity with either generally accepted accounting principles or statutory accounting principles, at the election of the company. [PL 2017, c. 169, Pt. G, §8 (NEW).]

[PL 2017, c. 169, Pt. G, §8 (AMD).]

Terms Used In Maine Revised Statutes Title 24-A Sec. 6707

  • Association: means any legal association of individuals, corporations, limited liability companies, partnerships or associations that have been in continuous existence for at least one year, the member organizations of which:
A. See Maine Revised Statutes Title 24-A Sec. 6701
  • Association captive insurance company: means any company that insures risks of the member organizations of the association and their affiliated companies. See Maine Revised Statutes Title 24-A Sec. 6701
  • Captive insurance company: means any pure captive insurance company, sponsored captive insurance company, association captive insurance company or industrial insured captive insurance company formed or licensed under this chapter. See Maine Revised Statutes Title 24-A Sec. 6701
  • 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.
  • Industrial insured: means an insured:
    • A. See Maine Revised Statutes Title 24-A Sec. 6701
  • Industrial insured captive insurance company: means any company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies. See Maine Revised Statutes Title 24-A Sec. 6701
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
    • 2. Annual and quarterly statements. An association captive insurance company or industrial insured captive insurance company shall file annual and quarterly statements in accordance with statutory accounting principles, each of which must be a true statement of its financial condition, transactions and affairs, substantially similar to the statements required under sections 423 and 423?A for insurance companies certified under section 414, in general form and context as approved by the National Association of Insurance Commissioners, or other format prescribed by the superintendent, verified by oaths of at least 2 of the insurer’s principal officers.

    [PL 2017, c. 169, Pt. G, §8 (AMD).]

    3. Reserves. The statements required under subsections 1 and 2 must include, but are not limited to, actuarially appropriate reserves for:
    A. Known claims and associated expenses; [PL 1997, c. 435, §1 (NEW).]
    B. Claims incurred but not reported and associated expenses; [PL 1997, c. 435, §1 (NEW).]
    C. Unearned premiums; and [PL 1997, c. 435, §1 (NEW).]
    D. Bad debts, reserves for which must be shown as liabilities. [PL 1997, c. 435, §1 (NEW).]
    An actuarial opinion regarding reserves for known claims and claims incurred but not reported, and expenses associated with those claims, must be included in the audited statements. The actuarial opinion must be given by a member of the American Academy of Actuaries or other qualified loss reserve specialist as defined in the annual statement instructions adopted by the National Association of Insurance Commissioners.

    [PL 2017, c. 169, Pt. G, §8 (AMD).]

    4. Other reports. The superintendent may prescribe the format and frequency of other reports, which may include, but are not limited to, summary loss reports, material transaction reports and interim financial statements.

    [PL 2017, c. 169, Pt. G, §8 (AMD).]

    SECTION HISTORY

    PL 1997, c. 435, §1 (NEW). PL 1997, c. 583, §4 (AMD). PL 2017, c. 169, Pt. G, §8 (AMD).
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