Maine § 24-A §761 Definitions

Maine Statutes

§ 24-A §761 — Definitions

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 9 KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.

1.Assuming insurer. "Assuming insurer" means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement.

2.Assumption reinsurance agreement. "Assumption reinsurance agreement" means a contract that both:

3.Contract of insurance. "Contract of insurance" means a written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation or risk of the policyholder or to make payments on behalf of, or to, the policyholder or its beneficiaries. Contract of insurance may include property, casualty, life, health, ac

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As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
1.
Assuming insurer.
"Assuming insurer" means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement.
2.
Assumption reinsurance agreement.
"Assumption reinsurance agreement" means a contract that both:
3.
Contract of insurance.
"Contract of insurance" means a written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation or risk of the policyholder or to make payments on behalf of, or to, the policyholder or its beneficiaries. Contract of insurance may include property, casualty, life, health, accident, surety, title and annuity business authorized to be written pursuant to the insurance laws of this State.
4.
Home service business.
"Home service business" means insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer.
5.
Notice of transfer.
"Notice of transfer" means the written notice to policyholders required by section 764, subsection 1.
6.
Policyholder.
"Policyholder" means an individual or entity that has the right to terminate or otherwise alter the terms of a contract of insurance. It includes a certificateholder whose certificate is in force on the proposed effective date of the assumption, if the certificateholder has the right to keep the certificate in force without change in benefit following termination of the group policy.
7.
Transferring insurer.
"Transferring insurer" means the insurer that transfers an insurance obligation risk to an assuming insurer pursuant to an assumption reinsurance agreement.