§ 24-A §411 — Insuring combinations without additional capital funds

Without additional paid-in capital stock or additional surplus, an authorized insurer may also be authorized:
1.
If a life insurer, to grant annuities;
2.
If a health insurer, to insure against congenital defects, as defined in section 707;
3.
If a casualty insurer or multiple line insurer, to transact health insurance; except that this provision does not apply to a domestic insurer authorized to transact casualty insurance only, pursuant to section 410, subsection 1, paragraph A; or
4.
To transact employee benefit excess insurance to the extent authorized pursuant to section 707, subsection 3.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1991, c. 385, §§3,4 (AMD).