Maine § 24-A §1110 -- certain terms defined; net earnings

Maine Statutes

§ 24-A §1110 — -- certain terms defined; net earnings

Maine § 24-A §1110

Title 24-AMAINE INSURANCE CODE

Ch. 13INVESTMENTS

This text of Maine § 24-A §1110 (-- certain terms defined; net earnings) 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 §1110 (2026).

Text

1. 1-A. Definitions. As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

2.If net earnings are determined in reliance upon consolidated earnings statements of parent and subsidiary institutions, such net earnings shall be determined after provisions for income taxes of only those subsidiaries in which the parent institution owns directly or indirectly less than 90% of all classes of voting stock, and after proper allowance for minority stock interest, if any; and the required coverage of fixed charges shall be computed on a basis including fixed charges and preferred dividends of subsidiaries other than those payable by such subsidiaries to the parent corporation or to any other of such subsidiaries, except that if the minority

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1.
1-A.
Definitions.
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
2.
If net earnings are determined in reliance upon consolidated earnings statements of parent and subsidiary institutions, such net earnings shall be determined after provisions for income taxes of only those subsidiaries in which the parent institution owns directly or indirectly less than 90% of all classes of voting stock, and after proper allowance for minority stock interest, if any; and the required coverage of fixed charges shall be computed on a basis including fixed charges and preferred dividends of subsidiaries other than those payable by such subsidiaries to the parent corporation or to any other of such subsidiaries, except that if the minority common stock interest in the subsidiary corporation is substantial, the fixed charges and preferred dividends may be apportioned in accordance with regulations prescribed by the superintendent.
3.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1979, c. 458, §§4,5 (AMD). PL 1983, c. 759, §1 (AMD). PL 1993, c. 313, §§24,25 (AMD). PL 1999, c. 715, §§3-5 (AMD). PL 2001, c. 72, §11 (AMD).