Maine § 24-A §3483 Bulk reinsurance

Maine Statutes

§ 24-A §3483 — Bulk reinsurance

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 47 ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS

1.A domestic insurer may reinsure, and thereby transfer its direct liability as the insurer with respect to, all or substantially all of its business in force, or all or substantially all of a major class thereof, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. Any such agreement is not effective unless filed with the superintendent, or if disapproved by the superintendent.

2.The superintendent shall disapprove such agreement within a reasonable time after filing if the superintendent finds:

3.If the superintendent disapproves the agreement, the superintendent shall forthwith notify in writing each insurer involved, specifying the superintendent's reasons therefor.

4.If for reinsurance of all or substantially all of the bus

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1.
A domestic insurer may reinsure, and thereby transfer its direct liability as the insurer with respect to, all or substantially all of its business in force, or all or substantially all of a major class thereof, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. Any such agreement is not effective unless filed with the superintendent, or if disapproved by the superintendent.
2.
The superintendent shall disapprove such agreement within a reasonable time after filing if the superintendent finds:
3.
If the superintendent disapproves the agreement, the superintendent shall forthwith notify in writing each insurer involved, specifying the superintendent's reasons therefor.
4.
If for reinsurance of all or substantially all of the business in force of an insurer at a time when the insurer's capital, if a stock insurer, or surplus, if a mutual insurer, is not impaired, the plan and agreement of such reinsurance must be approved by a vote of not less than 2/3 of the insurer's outstanding stock having voting rights, if a stock insurer, or of members, if a mutual insurer, voting thereon, at a meeting of stockholders or members called for the purpose pursuant to such reasonable notice and procedure as is provided for in the agreement. If a mutual life insurer, right to vote may be limited to members otherwise entitled to vote and whose policies are other than term policies for terms of less than 20 years, or group policies, and have been in effect for more than one year.
5.
No director, officer, agent or employee of any insurer party to such reinsurance, or any other person, shall receive any special compensation for arranging or with respect to, any such reinsurance except as is set forth in the reinsurance agreement filed with the superintendent.
6.
The superintendent may adopt rules, subject to Title 5, chapter 375, to effectuate this section.

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