Maine § 24-A §3422 Purchase of own shares by stock insurer

Maine Statutes

§ 24-A §3422 — Purchase of own shares by stock insurer

Maine § 24-A §3422

Title 24-AMAINE INSURANCE CODE

Ch. 47ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS

This text of Maine § 24-A §3422 (Purchase of own shares by stock insurer) 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 §3422 (2026).

Text

A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows:

1.For elimination of fractional shares.

2.Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.

3.For the purposes of a general savings and investment plan for employees or agents of the insurer.

4.For mutualization of the insurer, as provided in section 3472.

5.For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent may not approve a plan unless found by the superintendent to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materiall

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A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows:
1.
For elimination of fractional shares.
2.
Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.
3.
For the purposes of a general savings and investment plan for employees or agents of the insurer.
4.
For mutualization of the insurer, as provided in section 3472.
5.
For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent may not approve a plan unless found by the superintendent to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materially adverse to the protection of the insurer's policyholders.