§ 24-A §6093 — Definitions

Maine § 24-A §6093

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 72-A: MAINE LIABILITY RISK RETENTION ACT

Text

As used in this Act, unless the context indicates otherwise, the following terms have the following meanings.
1.
Completed operations liability.
"Completed operations liability" means liability arising out of the installation, maintenance or repair of any product at a site which is not owned or controlled by:
2.
Domicile.
"Domicile," for purposes of determining the state in which a purchasing group is domiciled, means:
3.
Hazardous financial condition.
"Hazardous financial condition" means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:
4.
Impairment.
"Impairment," as to a risk retention group, exists when:
5.
Insurance.
"Insurance" means primary insurance, excess insurance, reinsurance, surplus lines insurance and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this State.
6.
Liability.
"Liability" means:
7.
Personal risk liability.
"Personal risk liability" means liability for damages because of injury to any person, damage to property or other loss or damage resulting from any personal, familial or household responsibilities or activities, rather than from responsibilities or activities referred to in subsection 6.
8.
Plan of operation or feasibility study.
"Plan of operation or feasibility study" means an analysis which presents the expected activities and results of a risk retention group, including, at a minimum:
9.
Product liability.
"Product liability" means liability for damages because of any personal injury, death, emotional harm, consequential economic damage or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred.
10.
Product Liability Risk Retention Act of 1981.
"Product Liability Risk Retention Act of 1981" means the United States Public Law 97-45, the United States Code, Title 15, Section 3901, et seq.
11.
Purchasing group.
"Purchasing group" means any group which:
12.
Risk Retention Amendments of 1986.
"Risk Retention Amendments of 1986" means United States Public Law 99-563, United States Code, Title 15, Section 3901, et seq.
13.
Risk retention group.
"Risk retention group" means any corporation or other limited liability association:
14.
State.
"State" means any state of the United States or the District of Columbia.
15.
Superintendent.
"Superintendent" means the Superintendent of Insurance of this State or the commissioner, director or superintendent of insurance in any other state.

Legislative History

PL 1987, c. 481, §3 (NEW). RR 2009, c. 2, §71 (COR).