Maine § 24-A §6095 Risk retention groups not chartered in this State

Maine Statutes

§ 24-A §6095 — Risk retention groups not chartered in this State

Maine § 24-A §6095

Title 24-AMAINE INSURANCE CODE

Ch. 72-AMAINE LIABILITY RISK RETENTION ACT

This text of Maine § 24-A §6095 (Risk retention groups not chartered in this State) 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 §6095 (2026).

Text

Risk retention groups chartered and licensed in states other than this State and seeking to do business as a risk retention group in this State must comply with the laws of this State in the following manner.

1.Notice of operations and designation of agent for service of process. Before offering insurance in this State, a risk retention group shall submit to the superintendent:

2.Financial condition. Any risk retention group transacting business in this State shall submit to the superintendent:

3.Taxation. Each risk retention group shall be responsible for the payment of premium tax in accordance with Title 36, section 2513‑A.

4.Deceptive, false or fraudulent practices. To the extent not preempted by the Risk Retention Amendments of 1986, any risk retention group shall be subject to th

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Risk retention groups chartered and licensed in states other than this State and seeking to do business as a risk retention group in this State must comply with the laws of this State in the following manner.
1.
Notice of operations and designation of agent for service of process.
Before offering insurance in this State, a risk retention group shall submit to the superintendent:
2.
Financial condition.
Any risk retention group transacting business in this State shall submit to the superintendent:
3.
Taxation.
Each risk retention group shall be responsible for the payment of premium tax in accordance with Title 36, section 2513‑A.
4.
Deceptive, false or fraudulent practices.
To the extent not preempted by the Risk Retention Amendments of 1986, any risk retention group shall be subject to the provisions of chapter 23, and Title 5, chapter 10.
5.
Examination regarding financial condition.
Any risk retention group must submit to an examination by the superintendent to determine its financial condition if the superintendent of the jurisdiction in which the group is chartered and licensed has not performed a timely examination or does not initiate an examination within 90 days after a request by the superintendent. Any such examination shall be coordinated to avoid unjustified repetition and conducted in an expeditious manner and in accordance with the National Association of Insurance Commissioner's Examiner Handbook, as applicable.
6.
Notice to purchasers.
Any policy issued by a risk retention group shall contain in 10 point type on the front page and the declaration page, the following notice: "NOTICE
7.
Prohibited acts regarding solicitation or sale.
The following acts by a risk retention group are prohibited:
8.
Prohibition on ownership by an insurance company.
No risk retention group shall be allowed to do business in this State if an insurance company is directly or indirectly a member or owner of that risk retention group, other than in the case of a risk retention group, all of whose members are insurance companies.
9.
Prohibited coverage.
No risk retention group may offer insurance policy coverage prohibited by the laws of this State or by the Risk Retention Amendments of 1986.
10.
Delinquency proceedings.
A risk retention group not chartered in this State and doing business in this State must comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by a state insurance superintendent if there has been a finding of financial impairment after an examination under subsection 5.