Maine Revised Statutes > Title 24-A > Chapter 83 – Captive Insurance Companies
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Terms Used In Maine Revised Statutes > Title 24-A > Chapter 83 - Captive Insurance Companies
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Affiliated company: means any company in the same corporate system as a parent or a member organization by virtue of common ownership, control, operation or management. See Maine Revised Statutes Title 24-A Sec. 6701
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means any legal association of individuals, corporations, limited liability companies, partnerships or associations that have been in continuous existence for at least one year, the member organizations of which:
A. See Maine Revised Statutes Title 24-A Sec. 6701Association captive insurance company: means any company that insures risks of the member organizations of the association and their affiliated companies. See Maine Revised Statutes Title 24-A Sec. 6701 Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Captive insurance company: means any pure captive insurance company, sponsored captive insurance company, association captive insurance company or industrial insured captive insurance company formed or licensed under this chapter. See Maine Revised Statutes Title 24-A Sec. 6701 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Controlled unaffiliated business: means a business entity that has a contractual relationship, such as a subcontractor or franchisee relationship, with the parent of a pure captive insurance company or with one or more of its affiliates, satisfying the following criteria:
A. See Maine Revised Statutes Title 24-A Sec. 6701Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. Executor: A male person named in a will to carry out the decedent Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate. Industrial insured: means an insured:
A. See Maine Revised Statutes Title 24-A Sec. 6701Industrial insured captive insurance company: means any company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies. See Maine Revised Statutes Title 24-A Sec. 6701 Industrial insured group: means any group that meets either of the following criteria:
A. See Maine Revised Statutes Title 24-A Sec. 6701lands: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Member organization: means any individual, corporation, limited liability company, partnership or association that belongs to an association. See Maine Revised Statutes Title 24-A Sec. 6701 Minority: when used in reference to age shall mean under the age of 18. See Maine Revised Statutes Title 1 Sec. 72 Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 Mortgagee: The person to whom property is mortgaged and who has loaned the money. Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72 National Association of Insurance Commissioners: means the National Association of Insurance Commissioners or its successor organization of insurance regulators. See Maine Revised Statutes Title 24-A Sec. 15 Normal wear and tear: means the deterioration that occurs, based upon the use for which the rental unit is intended, without negligence, carelessness, accident or abuse of the premises or equipment or chattels by the tenant or members of the tenant's household or their invitees or guests. See Maine Revised Statutes Title 14 Sec. 6031 Oath: A promise to tell the truth. Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 1 Sec. 72 Parent: means a corporation, limited liability company, partnership or individual that directly or indirectly owns, controls or holds with power to vote more than 50% of the outstanding voting securities of a pure captive insurance company organized as a stock corporation or 50% of the membership interests of a pure captive insurance company organized as a nonprofit corporation. See Maine Revised Statutes Title 24-A Sec. 6701 Probate: Proving a will Pure captive insurance company: includes , with respect to operations in this State unless otherwise restricted by the superintendent, a branch captive insurance company. See Maine Revised Statutes Title 24-A Sec. 6701 Pure nonprofit captive insurance company: means a pure captive insurance company formed without capital stock as a nonprofit corporation, whose voting or membership interest is held by a parent organization formed under a nonprofit law. See Maine Revised Statutes Title 24-A Sec. 6701 Quorum: The number of legislators that must be present to do business. Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals). Security deposit: means any advance or deposit, regardless of its denomination, of money, the primary function of which is to secure the performance of a lease or tenancy at will agreement for residential premises or any part thereof. See Maine Revised Statutes Title 14 Sec. 6031 Service of process: The service of writs or summonses to the appropriate party. Subpoena: A command to a witness to appear and give testimony. Summons: Another word for subpoena used by the criminal justice system. Surety bond: means a bond purchased by a tenant in lieu of making a security deposit when the function of the bond is to secure the performance of a lease or tenancy at will agreement for residential premises or any part of residential premises. See Maine Revised Statutes Title 14 Sec. 6031 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Town: includes cities and plantations, unless otherwise expressed or implied. See Maine Revised Statutes Title 1 Sec. 72 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC