§ 24-A §1131 — Miscellaneous investments

Maine § 24-A §1131

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 13: INVESTMENTS

Text

1.
An insurer may make loans or investments, not otherwise eligible, qualified or expressly permitted under this chapter, in an aggregate amount not over 10% of the insurer's assets and not over 1% of those assets as to any one such loan or investment. The investment limitations contained in this chapter, qualitative or quantitative or otherwise, shall not apply to loans or investments under this section, provided that all loans or investments made or acquired under this section shall meet the following requirements.
2.
The insurer shall keep a separate record of all loans and investments made under this section. Any such loan or investment that subsequent to the date of making or acquisition thereof has attained the standard of eligibility and qualifies under any other section of this chapter may thereupon be deemed to have been made or acquired under and in compliance with that section and shall no longer be considered to have been made or acquired under this section.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1979, c. 458, §12 (RPR). PL 1983, c. 759, §3 (AMD). PL 1987, c. 399, §12 (AMD). PL 2001, c. 72, §12 (AMD).