Maine § 24-A §3608 Capital funds required; new mutual assessment insurers

Maine Statutes

§ 24-A §3608 — Capital funds required; new mutual assessment insurers

Maine § 24-A §3608

Title 24-AMAINE INSURANCE CODE

Ch. 51DOMESTIC MUTUAL ASSESSMENT INSURERS

This text of Maine § 24-A §3608 (Capital funds required; new mutual assessment insurers) 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 §3608 (2026).

Text

A mutual insurer hereafter organized to transact property insurance on the assessment plan shall not be authorized to transact insurance unless it:

1.Establishes and maintains guaranty capital funds of at least $50,000, all of which shall have been paid in, in cash, and

2.Receives not less than 25 bona fide written applications from not less than 25 persons for insurance of the kind proposed to be transacted, of not less than $100,000 in amount at risk as to principal hazards to be insured, and

3.Receives or collects the initial payment on the premium for the insurance applied for, together with such premium notes as it is contemplated to use in connection with applications for insurance in general, and

4.Is otherwise qualified for such authority under this chapter.

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A mutual insurer hereafter organized to transact property insurance on the assessment plan shall not be authorized to transact insurance unless it:
1.
Establishes and maintains guaranty capital funds of at least $50,000, all of which shall have been paid in, in cash, and
2.
Receives not less than 25 bona fide written applications from not less than 25 persons for insurance of the kind proposed to be transacted, of not less than $100,000 in amount at risk as to principal hazards to be insured, and
3.
Receives or collects the initial payment on the premium for the insurance applied for, together with such premium notes as it is contemplated to use in connection with applications for insurance in general, and
4.
Is otherwise qualified for such authority under this chapter.