Maine Revised Statutes Title 24-A Sec. 6713 – Exemption from compulsory associations
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes Title 24-A Sec. 6713
- Affiliated company: means any company in the same corporate system as a parent or a member organization by virtue of common ownership, control, operation or management. See Maine Revised Statutes Title 24-A Sec. 6701
- 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 Member organization: means any individual, corporation, limited liability company, partnership or association that belongs to an association. See Maine Revised Statutes Title 24-A Sec. 6701 Parent: 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
A captive insurance company may not join or contribute financially to any plan, pool, association or guaranty or insolvency fund in this State, and a captive insurance company and its insureds, its parent or any affiliated company or member organization of its association may not receive any benefit from the plan, pool, association or guaranty or insolvency fund for claims arising out of the operations of the captive insurance company. [PL 1997, c. 435, §1 (NEW).]
SECTION HISTORY
PL 1997, c. 435, §1 (NEW).