Maine Revised Statutes Title 24-A Sec. 3311 – Insurance business exclusive; exceptions
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1. No domestic insurer heretofore or hereafter formed shall engage in any business other than the insurance business and in business activities reasonably and necessarily incidental to such insurance business.
[PL 1969, c. 132, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 3311
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
2. Except that:
A. A title insurer may also engage in business as an escrow agent; [PL 1969, c. 132, §1 (NEW).]
B. Any insurer may also engage in business activities reasonably related to the management, supervision, servicing of, and protection of its interests as to its lawful investments; [PL 1969, c. 132, §1 (NEW).]
C. An insurer may own subsidiaries or subsidiaries owning other subsidiaries which may engage in such businesses all as provided for in section 1115 (stocks of subsidiaries) or in section 1157 (investment in subsidiaries); [PL 1987, c. 399, §17 (AMD).]
D. An insurer may utilize its facilities to perform administrative services for any governmental body, unit or agency; and [PL 1987, c. 399, §17 (AMD).]
E. An insurer transacting business of a type described in section 702, life insurance; section 703, annuity; or section 704, health insurance; or any combination of those types of business, may engage in any other business in which it is otherwise qualified to engage to the extent and in the manner approved by the superintendent. [PL 1987, c. 399, §18 (NEW).]
[PL 1987, c. 399, §§17, 18 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1987, c. 399, §§17,18 (AMD).