Maine § 24-A §1120 Common trust funds, mutual funds

Maine Statutes

§ 24-A §1120 — Common trust funds, mutual funds

Maine § 24-A §1120

Title 24-AMAINE INSURANCE CODE

Ch. 13INVESTMENTS

This text of Maine § 24-A §1120 (Common trust funds, mutual funds) 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 §1120 (2026).

Text

An insurer may invest in:

1.A bank's common trust fund as defined in section 584 of the United States Internal Revenue Code of 1954; and

2.The securities of any open-end management type investment company or investment trust registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940 as from time to time amended, if such investment company or trust, other than one of which a subsidiary of the insurer is investment adviser or principal underwriter, has a net asset value of not less than $25,000,000 as at the date of investment by the insurer.

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An insurer may invest in:
1.
A bank's common trust fund as defined in section 584 of the United States Internal Revenue Code of 1954; and
2.
The securities of any open-end management type investment company or investment trust registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940 as from time to time amended, if such investment company or trust, other than one of which a subsidiary of the insurer is investment adviser or principal underwriter, has a net asset value of not less than $25,000,000 as at the date of investment by the insurer.