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Maine Revised Statutes Title 24-A. Maine Insurance Code § 3622. Nonassessable policies; assessable, nonassessable liability

Current as of January 01, 2022 | Updated by FindLaw Staff

1. A mutual insurer heretofore formed and transacting insurance under this chapter may issue nonassessable advance cash premium policies in this State upon compliance with either of the following requirements:

A. Surplus. The insurer shall have and maintain a surplus to policyholders, as determined by its last annual statement filed with the superintendent, of not less than $100,000, or

B. Surplus and unearned premium reserve. The insurer shall have and maintain a surplus to policyholders, as determined by its latest annual statement filed with the superintendent, of not less than $75,000, provided its unearned premium reserve is at all times less than its surplus to policyholders.

2. If such an insurer, after qualifying to issue a nonassessable cash premium policy, fails to maintain one of the above requirements it shall cease to issue a nonassessable policy until it has again met and maintained the requirements for a period of one year.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 24-A. Maine Insurance Code § 3622. Nonassessable policies; assessable, nonassessable liability - last updated January 01, 2022 | https://codes.findlaw.com/me/title-24-a-maine-insurance-code/me-rev-st-tit-24-a-sect-3622/

Read this complete Maine Revised Statutes Title 24-A. Maine Insurance Code § 3622. Nonassessable policies; assessable, nonassessable liability on Westlaw

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