Maine Revised Statutes Title 24-A Sec. 2887 – Legal services insurance policy reserves
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Terms Used In Maine Revised Statutes Title 24-A Sec. 2887
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
For all legal services insurance policies, the insurer shall establish and maintain thereon a reserve which shall place a sound value on its liabilities under those policies and be not less than the reserve according to appropriate standards set forth in rules issued by the superintendent and, in no event, less in the aggregate than the pro rata gross unearned premiums for those policies. [PL 1983, c. 801, §11 (NEW).]
SECTION HISTORY
PL 1983, c. 801, §11 (NEW).