Maine § 24-A §734 Minimum surplus regarding policyholders to assume property and casualty reinsurance

Maine Statutes

§ 24-A §734 — Minimum surplus regarding policyholders to assume property and casualty reinsurance

Maine § 24-A §734

Title 24-AMAINE INSURANCE CODE

Ch. 9KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE

This text of Maine § 24-A §734 (Minimum surplus regarding policyholders to assume property and casualty reinsurance) 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 §734 (2026).

Text

1.Prohibition. Notwithstanding section 731‑B, subsection 1, paragraph B, a domestic property or domestic casualty insurer, other than mutual assessment insurers operating pursuant to chapter 51, possessing less than $10,000,000 in surplus regarding policyholders may not, without the prior written approval of the superintendent, assume reinsurance on any risk that it is otherwise permitted to assume except when the reinsurance is:

2.Application. This section applies to contracts of reinsurance entered into or renewed after the effective date of this section.

3.Effect. The performance of an activity prohibited by this section does not invalidate any reinsurance contract between the parties to the contract.

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

1.
Prohibition.
Notwithstanding section 731‑B, subsection 1, paragraph B, a domestic property or domestic casualty insurer, other than mutual assessment insurers operating pursuant to chapter 51, possessing less than $10,000,000 in surplus regarding policyholders may not, without the prior written approval of the superintendent, assume reinsurance on any risk that it is otherwise permitted to assume except when the reinsurance is:
2.
Application.
This section applies to contracts of reinsurance entered into or renewed after the effective date of this section.
3.
Effect.
The performance of an activity prohibited by this section does not invalidate any reinsurance contract between the parties to the contract.