Maine Revised Statutes Title 24-A Sec. 798 – Exemption from insurance laws within limitations
Current as of: 2023 | Check for updates
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1. Titles consistent. A special purpose reinsurance vehicle is subject to chapters 1, 3 and 5 to the extent consistent with this subchapter.
[PL 2003, c. 249, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 798
- Ceding insurer: means an insurer that enters into a special purpose reinsurance vehicle contract with a special purpose reinsurance vehicle and includes a reinsurer retroceding assumed reinsurance to a special purpose reinsurance vehicle. See Maine Revised Statutes Title 24-A Sec. 781
- Protected cell: means a separate account established and maintained by a special purpose reinsurance vehicle for one special purpose reinsurance vehicle contract and the accompanying insurance securitization with a ceding insurer as further provided for in section 784?A. 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. Provisions not applicable. No other provisions of this Title are applicable to a special purpose reinsurance vehicle organized under this subchapter, except as expressly provided in this subchapter or in rules adopted by the superintendent pursuant to section 797.
[PL 2003, c. 249, §2 (NEW).]
3. Variance. The superintendent may issue an order exempting a special purpose reinsurance vehicle or a protected cell from provisions of this subchapter upon a finding that the variance is necessary for conformance to the laws or regulatory requirements of a ceding insurer‘s state of domicile and that the variance is consistent with the purposes of this subchapter given the nature of the risks to be insured.
[PL 2007, c. 386, §22 (NEW).]
SECTION HISTORY
PL 2003, c. 249, §2 (NEW). PL 2007, c. 386, §22 (AMD).