Maine § 24-A §410 Minimum paid-in capital and surplus requirements

Maine Statutes

§ 24-A §410 — Minimum paid-in capital and surplus requirements

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 5 AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS

1.To qualify for authority to transact any one kind of insurance, as defined in chapter 9, or combination of kinds of insurance as shown below, an insurer must possess and thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual or a reciprocal insurer, and when first so authorized must possess initial free surplus, all in amounts not less than as determined from the following table.

2.Capital and surplus requirements are based upon all the kinds of insurance transacted by the insurer in any and all areas in which it operates or proposes to operate, whether or not only a portion of such kinds are to be transacted in this State.

3.As to surplus required for authority to transact one or more kinds of insurance and thereafte

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1.
To qualify for authority to transact any one kind of insurance, as defined in chapter 9, or combination of kinds of insurance as shown below, an insurer must possess and thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual or a reciprocal insurer, and when first so authorized must possess initial free surplus, all in amounts not less than as determined from the following table.
2.
Capital and surplus requirements are based upon all the kinds of insurance transacted by the insurer in any and all areas in which it operates or proposes to operate, whether or not only a portion of such kinds are to be transacted in this State.
3.
As to surplus required for authority to transact one or more kinds of insurance and thereafter to be maintained, domestic mutual legal reserve insurers hereafter formed are governed by chapter 47.

Maine § 24-A §410 (Minimum paid-in capital and surplus requirements) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §§7,8 (AMD). PL 1973, c. 585, §12 (AMD). PL 1973, c. 625, §134 (AMD). PL 1983, c. 709, §1 (AMD). PL 1987, c. 78, §§1,2 (AMD). PL 1987, c. 707, §1 (AMD). PL 1991, c. 385, §2 (AMD). PL 1993, c. 702, §A7 (AMD). RR 2021, c. 2, Pt. A, §68 (COR).