Maine Statutes
§ 24-A §3623 — Limit of risk
1.Except as provided in section 3607, subsection 1, an insurer shall not retain liability as to any one risk in an amount exceeding 10% of its surplus and in addition 8% of the amount at any time due on its premium notes.
2.Valid reinsurance ceded by the insurer and then in force shall be deducted from the gross risk assumed in determining net risk retained.
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Legislative History
PL 1969, c. 132, §1 (NEW). PL 1975, c. 124 (AMD).
Nearby Sections
15
§ 24 §1
Insurance contract§ 24 §1002
Formation of corporation; guaranty fund; authority to write business; liability of policyholder§ 24 §1004
Assigned risks; reinsurance§ 24 §1008
Calls for payments; proceeds§ 24 §1012
Annual report; examinations§ 24 §1013
Filing fees§ 24 §1051
Automobile physical damage insurance