Maine Revised Statutes Title 24-A Sec. 790 – Officers and directors
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The directors of a special purpose reinsurance vehicle shall elect officers that they consider necessary to carry out the purposes of the reinsurance vehicle pursuant to this subchapter. The provisions of Title 13?C, section 857 apply to the indemnification of officers and directors of reinsurance vehicles organized under this subchapter. [PL 2003, c. 249, §2 (NEW).]
1. Appointment; election of officers; directors. Each special purpose reinsurance vehicle authorized to do business in this State shall notify the superintendent within 30 days after the appointment or election of any new officers or directors.
[PL 2003, c. 249, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 790
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- organizer: means one or more persons that have organized or intend to organize a special purpose reinsurance vehicle under authority obtained as specified in this subchapter. See Maine Revised Statutes Title 24-A Sec. 781
- Reinsurance vehicle: means a special purpose reinsurance vehicle. See Maine Revised Statutes Title 24-A Sec. 781
- Special purpose reinsurance vehicle: means an entity domiciled in and organized under the laws of this State that has received a limited certificate of authority from the superintendent under this subchapter exclusively for the limited purpose of entering into and effectuating special purpose reinsurance vehicle insurance securitizations, special purpose reinsurance vehicle contracts and other related transactions permitted by this subchapter. See Maine Revised Statutes Title 24-A Sec. 781
2. Removal of officer; director. When the superintendent determines that an officer or director does not meet the standards set forth in this section, the superintendent shall, after notice and opportunity for hearing afforded to the officer or director, and after a finding that the officer or director is incompetent or untrustworthy or of known bad character, order the removal of the person. If the reinsurance vehicle does not comply with a removal order within 30 days, the superintendent may suspend that reinsurance vehicle’s limited certificate of authority until such time as the order is complied with.
[PL 2003, c. 249, §2 (NEW).]
3. Loans with affiliate. The reinsurance vehicle may make no loans to any special purpose reinsurance vehicle organizer, owner, director, officer, manager or affiliate of the reinsurance vehicle.
[PL 2003, c. 249, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 249, §2 (NEW).