Maine § 24-A §6704 Minimum capital and surplus

Maine Statutes

§ 24-A §6704 — Minimum capital and surplus

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 83 CAPTIVE INSURANCE COMPANIES

1.Minimum capital and surplus. A captive insurance company may not be issued a license unless the company has and maintains unimpaired paid-in capital and surplus of:

2.Letter of credit. The required capital may be in the form of cash, an irrevocable letter of credit issued by a bank chartered in this State or a member bank of the Federal Reserve System or any other security approved by the superintendent.

3.Dividends. A captive insurance company may not pay a dividend out of or make any other distribution with respect to capital and surplus in excess of the limitations under section 222 without the prior approval of the superintendent. Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon the retention, at the time of each payment, of

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Minimum capital and surplus.
A captive insurance company may not be issued a license unless the company has and maintains unimpaired paid-in capital and surplus of:
2.
Letter of credit.
The required capital may be in the form of cash, an irrevocable letter of credit issued by a bank chartered in this State or a member bank of the Federal Reserve System or any other security approved by the superintendent.
3.
Dividends.
A captive insurance company may not pay a dividend out of or make any other distribution with respect to capital and surplus in excess of the limitations under section 222 without the prior approval of the superintendent. Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon the retention, at the time of each payment, of capital and surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the superintendent. Notwithstanding the provisions of Title 13‑B or 13‑C, a captive insurance company organized under the provisions of either Title may make such distributions as are in conformity with its purposes with the prior approval of the superintendent.

Maine § 24-A §6704 (Minimum capital and surplus) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.