Maine Revised Statutes Title 24-A. Maine Insurance Code § 6451. Definitions

1. Adjusted risk-based capital report. “Adjusted risk-based capital report” means a risk-based capital report that has been adjusted by the superintendent in accordance with section 6452, subsection 3.

2. Corrective order. “Corrective order” means an order issued by the superintendent specifying corrective actions that the superintendent has determined are required.

3. Domestic insurer. “Domestic insurer” means any insurance company domiciled in this State.

4. Foreign insurer. “Foreign insurer” means any insurance company that is authorized to do business in this State under section 404 but is not domiciled in this State.

4-A. Life or health insurer. “Life or health insurer” means any insurance company described in section 409, subsection 3 and authorized to do business in this State under section 410, or a licensed property and casualty insurer writing only accident and health insurance.

5. Repealed. Laws 2021, c. 521, § 28, eff. March 29, 2022.

6. Negative trend. “Negative trend” means:

6-A. Property and casualty insurer. “Property and casualty insurer” means any insurance company authorized to do business in this State under section 410 except a life or health insurer or single line mortgage guaranty insurer, financial guaranty insurer or title insurer.

7. Risk-based capital instructions. “Risk-based capital instructions” means the risk-based capital instructions adopted by the NAIC, as such risk-based capital instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.

8. Risk-based capital level. “Risk-based capital level” means an insurer's company action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital or mandatory control level risk-based capital where:

9. Risk-based capital plan. “Risk-based capital plan” means a comprehensive financial plan containing the elements specified in section 6453, subsection 2. If the superintendent rejects the risk-based capital plan and it is revised by the insurer, with or without the superintendent's recommendation, the plan is called the revised risk-based capital plan.

10. Risk-based capital report. “Risk-based capital report” means the report required in section 6452.

11. Total adjusted capital. “Total adjusted capital” means the sum of: