Maine Revised Statutes Title 24-A Sec. 1154 – Authorization; record of investments
Current as of: 2023 | Check for updates
|
Other versions
1. Authorization required. An insurer shall not make any investment or loan, other than policy loans or annuity contract loans, unless it is authorized or approved by the insurer’s board of directors or by a committee of the board of directors charged with supervision of investments and loans.
[PL 1987, c. 399, §14 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 1154
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Person: means an individual, business entity, multilateral development bank or a government or quasi-governmental body, such as a political subdivision or a government-sponsored enterprise. See Maine Revised Statutes Title 24-A Sec. 1151-A
2. Records. The insurer shall maintain a full record of each investment, showing, among other things, the name of any officer, director or principal stockholder of the insurer having any direct, indirect or contingent interest in the securities, loan or property constituting the investment, or in the person in whose behalf the investment is made, and the nature of that interest.
[PL 1987, c. 399, §14 (NEW).]
SECTION HISTORY
PL 1987, c. 399, §14 (NEW).