Maine Revised Statutes Title 24-A Sec. 1127 – Leased property and noncorporate obligations
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1. An insurer may invest in personal or real property owned either by the insurer, or a trustee, while under lease to a lessee able to meet any one of the earnings tests provided by section 1109.
[PL 1979, c. 458, §11 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 1127
- Aggregate amount of investments: means the aggregate value of those investments as determined in accordance with statutory accounting principles pursuant to section 901?A and any rules adopted under that section. See Maine Revised Statutes Title 24-A Sec. 1110
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligations: includes bonds, debentures, notes or other evidences of indebtedness. See Maine Revised Statutes Title 24-A Sec. 1110
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
2. In addition to investments otherwise permitted under this chapter, an insurer may invest in obligations, other than those of institutions as defined in section 1110, subsection 1?A, paragraph H, which are secured by:
A. An assignment of a right to receive rental, charter, hire, purchase or other payments for the use or purchase of real or personal property adequate to return the investments and payable or guaranteed by one or more governmental units or instrumentalities, whose obligations would qualify for investment under section 1107 or section 1108, or by one or more institutions whose obligations would qualify for investment under section 1109. The aggregate amount of investments made or acquired under this subsection may not exceed 2% of an insurer’s total admitted assets; and [PL 2001, c. 471, Pt. B, §13 (AMD).]
B. A mortgage or a security interest in that real or personal property. [PL 1979, c. 458, §11 (NEW).]
[PL 2001, c. 471, Pt. B, §13 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1979, c. 458, §11 (RPR). PL 2001, c. 471, §B13 (AMD).