Maine Revised Statutes Title 24-A Sec. 6710 – Legal investments
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Terms Used In Maine Revised Statutes Title 24-A Sec. 6710
- 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. 6701Captive 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 Industrial insured: means an insured:
A. See Maine Revised Statutes Title 24-A Sec. 6701Parent: means a corporation, limited liability company, partnership or individual that directly or indirectly owns, controls or holds with power to vote more than 50% of the outstanding voting securities of a pure captive insurance company organized as a stock corporation or 50% of the membership interests of a pure captive insurance company organized as a nonprofit corporation. See Maine Revised Statutes Title 24-A Sec. 6701 Pure captive insurance company: includes , with respect to operations in this State unless otherwise restricted by the superintendent, a branch captive insurance company. See Maine Revised Statutes Title 24-A Sec. 6701
A pure captive insurance company is not subject to any restrictions on allowable investments including those provided under chapter 13 and chapter 13?A, except that the superintendent may prohibit or limit any investment that threatens the solvency or liquidity of such insurance company. A pure captive insurance company may not make a loan to or investments in its parent or affiliated companies without the prior written approval of the superintendent. A loan of any minimum capital and surplus funds required by section 6704 is prohibited. Except as otherwise authorized by the superintendent, association captive insurance companies and industrial insured captive insurance companies are subject to the restrictions on allowable investments applicable to admitted insurers transacting the same type of business. With respect to investments of association captive insurance companies, the superintendent may approve the use of alternative methods of valuation and rating. [PL 2009, c. 335, §16 (AMD).]
SECTION HISTORY
PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §16 (AMD).