§ 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

  • Alternative: means a substitute process, product, material, chemical, strategy or combination of these that serves a functionally equivalent purpose to a chemical in a package or packaging component. See Maine Revised Statutes Title 32 Sec. 1732
  • 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.
  • 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
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the Board of Environmental Protection. See Maine Revised Statutes Title 32 Sec. 1741
  • Board: means the Board of Examiners in Physical Therapy as created in section 3112. See Maine Revised Statutes Title 32 Sec. 3111
  • Chemical: means a substance with a distinct molecular composition or a group of structurally related substances and includes the breakdown products of the substance or substances that form through decomposition, degradation or metabolism. See Maine Revised Statutes Title 32 Sec. 1732
  • Commissioner: means the Commissioner of Environmental Protection. See Maine Revised Statutes Title 32 Sec. 1741
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Credible scientific evidence: means the results of a study, the experimental design and conduct of which have undergone independent scientific peer review, that are published in a peer-reviewed journal or in a publication of an authoritative federal or international governmental agency, including but not limited to the United States Department of Health and Human Services, National Toxicology Program, Food and Drug Administration and Centers for Disease Control and Prevention; the United States Environmental Protection Agency; the World Health Organization; and the European Union, European Chemicals Agency. See Maine Revised Statutes Title 32 Sec. 1741
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • De minimis level: means :  
A. See Maine Revised Statutes Title 32 Sec. 1741
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the Department of Environmental Protection. See Maine Revised Statutes Title 32 Sec. 1732
  • Department: means the Department of Environmental Protection. See Maine Revised Statutes Title 32 Sec. 1741
  • Direction: means continuing verbal and written contact by a physical therapist with a physical therapist assistant including periodic on-site supervision adequate to ensure the safety and welfare of the patient. See Maine Revised Statutes Title 32 Sec. 3111
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Distributor: means any person, firm or corporation that sells a packaged product to a retailer in this State or any person, firm or corporation that receives a shipment or consignment of, or in any other manner acquires, packaged products outside the State for sale to consumers in the State. See Maine Revised Statutes Title 32 Sec. 1732
  • 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.
  • Food contact chemical of high concern: means a chemical identified by the department pursuant to section 1742. See Maine Revised Statutes Title 32 Sec. 1741
  • Food package: includes , but is not limited to, a food or beverage product that is contained in a food package or to which a food package is applied, a packaging component of a food package and plastic disposable gloves used in commercial or institutional food service. See Maine Revised Statutes Title 32 Sec. 1732
  • Fraud: Intentional deception resulting in injury to another.
  • 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
  • in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
  • Incidental presence: means the presence of a regulated metal or other regulated chemical as an unintended or undesired ingredient of a package or packaging component. See Maine Revised Statutes Title 32 Sec. 1732
  • Intentionally added chemical: means a chemical that was added during the manufacture of a product or product component to provide a specific characteristic, appearance or quality or to perform a specific function. See Maine Revised Statutes Title 32 Sec. 1741
  • 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.
  • lands: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
  • Manufacturer: means any person that manufactures a package or packaging component. See Maine Revised Statutes Title 32 Sec. 1732
  • manufacturer: includes the importer or first domestic distributor of the food package if the person who manufactured or assembled the food package or whose brand name is affixed to the food package does not have a presence in the United States. See Maine Revised Statutes Title 32 Sec. 1741
  • 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
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Package: includes a unit package and a shipping container defined by the American Society for Testing and Materials in its annual book of standards as ASTM, D996; a food package; and unsealed receptacles such as carrying cases, crates, cups, pails, rigid foil and other trays, wrappers and wrapping films, bags and tubs. See Maine Revised Statutes Title 32 Sec. 1732
  • Packaging component: means any individual assembled part of a package such as, but not limited to, any interior or exterior blocking, bracing, cushioning, weatherproofing, exterior strapping, coatings, closures, inks and labels. See Maine Revised Statutes Title 32 Sec. 1732
  • 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.
  • PFAS: means any member of the class of fluorinated organic chemicals containing at least one fully fluorinated carbon atom. See Maine Revised Statutes Title 32 Sec. 1732
  • Phthalates: means any member of the class of organic chemicals that are esters of phthalic acid and that contain 2 carbon chains located in the ortho position. See Maine Revised Statutes Title 32 Sec. 1732
  • Physical therapist: means a person who practices physical therapy. See Maine Revised Statutes Title 32 Sec. 3111
  • Physical therapist assistant: means a person who assists in the practice of physical therapy. See Maine Revised Statutes Title 32 Sec. 3111
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • 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
  • Practical quantification limit: means the lowest concentration of a chemical that can be reliably measured within specified limits of precision, accuracy, representativeness, completeness and comparability during routine laboratory operating conditions. See Maine Revised Statutes Title 32 Sec. 1741
  • Practice of physical therapy: means the rendering or offering to render any service involving physical therapy for a fee, salary or other compensation, monetary or otherwise, paid directly or indirectly. See Maine Revised Statutes Title 32 Sec. 3111
  • 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
  • Priority food contact chemical: means a chemical designated by the commissioner pursuant to section 1743. See Maine Revised Statutes Title 32 Sec. 1741
  • 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.
  • Referral: means the request of a doctor of medicine, surgery, osteopathy, podiatry or dentistry to a physical therapist to accept one of his patients for treatment. See Maine Revised Statutes Title 32 Sec. 3111
  • Safer alternative: means an alternative that, when compared to a chemical that it could replace, would reduce the potential for harm to human health or the environment or that has not been shown to pose the same or greater potential for harm to human health or the environment as that chemical. See Maine Revised Statutes Title 32 Sec. 1732
  • 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.
  • Supplier: means any person, firm or corporation that sells packages or packaging components to a distributor. See Maine Revised Statutes Title 32 Sec. 1732
  • 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.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • 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
  • Verdict: The decision of a petit jury or a judge.
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72