§ 951 Short title
§ 951-A Definitions
§ 952 Calculation of reserve liabilities
§ 952-A Actuarial opinion of reserves
§ 952-B Applicability of reserving methodologies
§ 953 Minimum standards
§ 953-A Applicable interest rates
§ 954 Commissioners reserve valuation method defined
§ 955 Minimum reserves
§ 956 Optional reserve calculation
§ 957 Deficiency reserve
§ 957-A Superintendent’s authority to approve certain plans
§ 958 Interest rates
§ 958-A Interest rates extended
§ 959 Reserves subject to valuation manual
§ 960 Requirements for principle-based reserves
§ 961 Experience reporting
§ 962 Confidentiality

Terms Used In Maine Revised Statutes > Title 24-A > Chapter 11 > Subchapter 3 - Life Insurance Reserves

  • Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
  • Agent: means a principal corporate officer, partner, owner or majority shareholder of a contract security company or a resident of the State who manages or supervises the security guard business of a resident or nonresident contract security company within the State. See Maine Revised Statutes Title 32 Sec. 9403
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appointed actuary: means the actuary appointed by an insurer pursuant to section 952?A, subsection 1. See Maine Revised Statutes Title 24-A Sec. 951-A
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Armored car service: means the service provided by any person transporting or offering to transport, under armed security guard, currency, jewels, stocks, bonds, paintings or other things of value in a motor vehicle specially equipped to offer a high degree of security. See Maine Revised Statutes Title 32 Sec. 9403
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the Workers' Compensation Board created by section 151 and includes a designee of the board. See Maine Revised Statutes Title 39-A Sec. 102
  • Board: means the Board of Respiratory Care Practitioners established under this chapter. See Maine Revised Statutes Title 32 Sec. 9702
  • Commissioner: means the Commissioner of Public Safety. See Maine Revised Statutes Title 32 Sec. 9403
  • Commissioner: means the Commissioner of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 9702
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract security company: means any person engaged in the business of providing, or who undertakes to provide, a security guard for another person. See Maine Revised Statutes Title 32 Sec. 9403
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 32 Sec. 9702
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Drug user: means a person who uses any dangerous substance in violation of any law of the State. See Maine Revised Statutes Title 32 Sec. 9403
  • Employee: includes officials of the State and officials of counties, cities, towns, water districts and all other quasi-public corporations of a similar character, every duly elected or appointed executive officer of a private corporation other than a charitable, religious, educational or other nonprofit corporation, and every person in the service of another under any contract of hire, express or implied, oral or written, except:  
    (1) Persons engaged in maritime employment or in interstate or foreign commerce who are within the exclusive jurisdiction of admiralty law or the laws of the United States, except that this section may not be construed to exempt from the definition of "employee" a person who is employed by the State and is thereby barred by the State's sovereign immunity from bringing a claim against that person's employer under admiralty law or other laws of the United States for claims that are otherwise cognizable under this Act;  
    (2) Firefighters, including volunteer firefighters who are active members of a volunteer fire association as defined in Title 30-A, section 3151; volunteer emergency medical services persons as defined in Title 32, section 83, subsection 12; and police officers are employees within the meaning of this Act. See Maine Revised Statutes Title 39-A Sec. 102
  • Employee: means a natural person who performs one or more security guard functions under a contract of hire between the natural person and a contract security company or between the natural person and a proprietary security organization. See Maine Revised Statutes Title 32 Sec. 9403
  • employer: includes :  
A. See Maine Revised Statutes Title 39-A Sec. 102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
  • Insurance company: means any casualty insurance company or association authorized to do business in this State that may issue policies conforming to subsection 19 and includes the Maine Employers' Mutual Insurance Company. See Maine Revised Statutes Title 39-A Sec. 102
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means any person to whom a license is granted in accordance with this chapter. See Maine Revised Statutes Title 32 Sec. 9403
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
  • NAIC: means the National Association of Insurance Commissioners or its successor organization. See Maine Revised Statutes Title 24-A Sec. 951-A
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Permanent impairment: means any anatomic or functional abnormality or loss existing after the date of maximum medical improvement that results from the injury. See Maine Revised Statutes Title 39-A Sec. 102
  • Person: means any natural person, firm, association, organization, partnership, corporation or any employee or agent thereof. See Maine Revised Statutes Title 32 Sec. 9403
  • Person: means any individual, partnership, unincorporated organization or corporation. See Maine Revised Statutes Title 32 Sec. 9702
  • Person with substance use disorder: means a drug-dependent person who due to the use of a dangerous substance has developed such a tolerance to the substance that abrupt termination of the use of the substance would produce withdrawal symptoms. See Maine Revised Statutes Title 32 Sec. 9403
  • Policyholder behavior: means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this subchapter, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization or benefit elections prescribed by the policy or contract, but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. See Maine Revised Statutes Title 24-A Sec. 951-A
  • Principle-based valuation: means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is subject to section 960. See Maine Revised Statutes Title 24-A Sec. 951-A
  • Proprietary security organization: means any organization or department of that organization which provides fulltime security guards solely for itself. See Maine Revised Statutes Title 32 Sec. 9403
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Qualified actuary: means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets all applicable requirements specified in the valuation manual or by rule adopted by the superintendent. See Maine Revised Statutes Title 24-A Sec. 951-A
  • Quorum: The number of legislators that must be present to do business.
  • Respiratory care: includes the terms "respiratory therapy" or "inhalation therapy. See Maine Revised Statutes Title 32 Sec. 9702
  • Respiratory care practitioner: means a person licensed as a respiratory therapist or as a respiratory care technician under this chapter. See Maine Revised Statutes Title 32 Sec. 9702
  • Respiratory care practitioner trainee: means an employee of a health care facility who is enrolled in the clinical portion of an approved respiratory care educational program. See Maine Revised Statutes Title 32 Sec. 9702
  • Security guard: means any person who, for any consideration whatsoever, performs any of the following functions:  
  • A. See Maine Revised Statutes Title 32 Sec. 9403
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Subject lines of insurance: means life insurance, accident and health insurance and deposit-type contracts, as those terms are defined in the valuation manual. See Maine Revised Statutes Title 24-A Sec. 951-A
  • Subpoena: A command to a witness to appear and give testimony.
  • Tail risk: means a risk for which the frequency of low-probability events is higher than expected under a normal probability distribution or the risk of events of very significant magnitude. See Maine Revised Statutes Title 24-A Sec. 951-A
  • Testify: Answer questions in court.
  • United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
  • Valuation manual: means the manual of valuation instructions adopted by the NAIC as specified in section 959. See Maine Revised Statutes Title 24-A Sec. 951-A
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72