Maine § 24-A §1106 Diversification; property, casualty and other nonlife insurers

Maine Statutes

§ 24-A §1106 — Diversification; property, casualty and other nonlife insurers

Maine § 24-A §1106

Title 24-AMAINE INSURANCE CODE

Ch. 13INVESTMENTS

This text of Maine § 24-A §1106 (Diversification; property, casualty and other nonlife insurers) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 24-A, § 24-A §1106 (2026).

Text

The investments of an insurer are subject to the following diversification requirements and limitations.

1.Not less than 30% of the insurer's assets in aggregate amount may consist of cash funds, agents' balances less than 90 days past due and investments eligible under the following sections:

2.The insurer may not invest in aggregate amount in excess of its surplus as to policyholders in all investments eligible under the following sections:

3.The insurer may not invest in aggregate amount over 20% of its assets in all investments in real estate eligible under sections 1125 (real estate) and 1127 (leased property).

4.Except as otherwise expressly provided, an insurer may not invest more than 10% of its assets in the securities of any one person, other than investments eligible under t

Free access — add to your briefcase to read the full text and ask questions with AI

The investments of an insurer are subject to the following diversification requirements and limitations.
1.
Not less than 30% of the insurer's assets in aggregate amount may consist of cash funds, agents' balances less than 90 days past due and investments eligible under the following sections:
2.
The insurer may not invest in aggregate amount in excess of its surplus as to policyholders in all investments eligible under the following sections:
3.
The insurer may not invest in aggregate amount over 20% of its assets in all investments in real estate eligible under sections 1125 (real estate) and 1127 (leased property).
4.
Except as otherwise expressly provided, an insurer may not invest more than 10% of its assets in the securities of any one person, other than investments eligible under the following sections:
5.
The insurer's investments in common stock, preferred stock, debt obligations and other securities of subsidiaries other than insurance subsidiaries are limited to the lesser of 10% of the insurer's admitted assets or 50% of the insurer's surplus as to policyholders except in instances when a greater investment has been approved by the superintendent.
6.
The assets of an insurer may be invested in obligations issued, assumed, guaranteed or accepted by domestic institutions, or trustees or receivers of those institutions and preferred shares of any of those institutions, except that, without the prior approval of the superintendent, a domestic insurer may not acquire any high-yield or medium grade obligations of any institution if:

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §§21-23 (AMD). PL 1989, c. 846, §§B2-5,E4 (AMD). PL 1993, c. 313, §21 (AMD). PL 1993, c. 680, §C3 (AMD). PL 2001, c. 524, §2 (AMD). PL 2023, c. 59, §2 (AMD).