Maine Revised Statutes > Title 24-A > Chapter 9 – Kinds of Insurance; Limits of Risk; Reinsurance
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes > Title 24-A > Chapter 9 - Kinds of Insurance; Limits of Risk; Reinsurance
- Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Maine Revised Statutes Title 24-A Sec. 741
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Aggregate limit: means the maximum sum payable to the ceding insurer under a special purpose reinsurance vehicle contract. See Maine Revised Statutes Title 24-A Sec. 781
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assuming insurer: means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement. See Maine Revised Statutes Title 24-A Sec. 761
- Assumption reinsurance agreement: means a contract that both:
A. See Maine Revised Statutes Title 24-A Sec. 761Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Cabinet: means the Children's Cabinet established in section 19131. See Maine Revised Statutes Title 5 Sec. 24051 Catastrophe excess of loss property reinsurance: means excess of loss reinsurance for a catastrophe layer of a reinsurance program, written on either a per occurrence or aggregate basis. See Maine Revised Statutes Title 24-A Sec. 781 Catastrophe life or health reinsurance: means reinsurance of life, health or annuity products that transfers mortality, morbidity, survival or other related risks in excess of existing proportional or nonproportional automatic and facultative treaties newly placed or in force on the same risks. See Maine Revised Statutes Title 24-A Sec. 781 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 Cession: means a transfer by a policy originating insurer to a reinsurer of the whole or a portion of a single risk, defined policy or defined division of business as set out in a reinsurance contract. See Maine Revised Statutes Title 24-A Sec. 741 Cluster development: means a form of development that allows a subdivision design in which individual lot sizes and setbacks are reduced in exchange for the creation of common open space and recreation areas, the preservation of environmentally sensitive areas, agriculture and silviculture and the reduction in the size of road and utility systems. See Maine Revised Statutes Title 30-A Sec. 4301 Comprehensive plan: means a document or interrelated documents containing the elements established under section 4326, subsections 1 to 4, including the strategies for an implementation program which are consistent with the goals and guidelines established under subchapter II. See Maine Revised Statutes Title 30-A Sec. 4301 Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. contract: means a contract between the special purpose reinsurance vehicle and the ceding insurer pursuant to which the special purpose reinsurance vehicle agrees to pay the ceding insurer an agreed amount upon the occurrence of a triggering event. See Maine Revised Statutes Title 24-A Sec. 781 Contract of insurance: means a written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation or risk of the policyholder or to make payments on behalf of, or to, the policyholder or its beneficiaries. See Maine Revised Statutes Title 24-A Sec. 761 Contract zoning: means the process by which the property owner, in consideration of the rezoning of that person's property, agrees to the imposition of certain conditions or restrictions not imposed on other similarly zoned properties. See Maine Revised Statutes Title 30-A Sec. 4301 Controlling person: means any person who directly or indirectly has the power to direct or cause to be directed the management, control or activities of the reinsurance intermediary. See Maine Revised Statutes Title 24-A Sec. 741 Cooperative affordable housing corporation: means a domestic corporation that is organized under or elects to be governed by the provisions of this subchapter. See Maine Revised Statutes Title 13 Sec. 1742 Cooperative interest: means the ownership interest in a cooperative affordable housing corporation that is evidenced by a membership share. See Maine Revised Statutes Title 13 Sec. 1742 Cooperative property: means the real and personal property, including mobile and manufactured homes, in this State owned or leased by a cooperative affordable housing corporation for the primary purpose of residential use. See Maine Revised Statutes Title 13 Sec. 1742 Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Council: means the Maine Children's Cabinet Early Childhood Advisory Council established in subsection 2. See Maine Revised Statutes Title 5 Sec. 24051 Deed: The legal instrument used to transfer title in real property from one person to another. Department: means the Department of Agriculture, Conservation and Forestry. See Maine Revised Statutes Title 30-A Sec. 4301 Dependent: A person dependent for support upon another. Development: means a change in land use involving alteration of the land, water or vegetation, or the addition or alteration of structures or other construction not naturally occurring. See Maine Revised Statutes Title 30-A Sec. 4301 Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Ex officio: Literally, by virtue of one's office. Fair value: means :
A. See Maine Revised Statutes Title 24-A Sec. 781Fiduciary: A trustee, executor, or administrator. Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. Fully funded: means , with respect to a special purpose reinsurance vehicle contract, that the fair value of the assets under the control of the ceding insurer or held in trust for the benefit of the ceding insurer under the special purpose reinsurance vehicle contract on the date on which the special purpose reinsurance vehicle contract is effected, equals or exceeds the aggregate limit as defined in subsection 1. See Maine Revised Statutes Title 24-A Sec. 781 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Grantor: The person who establishes a trust and places property into it. Grantor: means the person who conveys a freehold estate or interest in land. See Maine Revised Statutes Title 1 Sec. 72 Growth management program: means a document containing the components described in section 4326, including the implementation program, that is consistent with the goals and guidelines established by subchapter II and that regulates land use beyond that required by Title 38, chapter 3, subchapter I, article 2?B. See Maine Revised Statutes Title 30-A Sec. 4301 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC health care sharing ministry: means a faith-based, nonprofit organization that is exempt from taxation under the federal Internal Revenue Code and that:
A. See Maine Revised Statutes Title 24-A Sec. 704health 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 Home rule authority: means the powers granted to municipalities under chapter 111; section 3001; and the Constitution of Maine, Article VIII, Part Second. See Maine Revised Statutes Title 30-A Sec. 2001 Home service business: means insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer. See Maine Revised Statutes Title 24-A Sec. 761 Impact fee: means a charge or assessment imposed by a municipality against a new development to fund or recoup a portion of the cost of new, expanded or replacement infrastructure facilities necessitated by and attributable at least in part to the new development. See Maine Revised Statutes Title 30-A Sec. 4301 impaired: means , with respect to a special purpose reinsurance vehicle or any of its protected cells, that either:
A. See Maine Revised Statutes Title 24-A Sec. 781in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72 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 Indemnity trigger: means a transaction term by which the special purpose reinsurance vehicle's obligation to pay the ceding insurer for losses covered by a special purpose reinsurance vehicle contract is triggered by the ceding insurer incurring a specified level of losses. See Maine Revised Statutes Title 24-A Sec. 781 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. insolvent: means that the special purpose reinsurance vehicle or one or more of its protected cells is unable to pay its obligations when they are due unless the obligations are the subject of a bona fide dispute. See Maine Revised Statutes Title 24-A Sec. 781 insurance securitization: means a package of related risk transfer instruments, capital market offerings and facilitating administrative agreements by which proceeds are obtained by a special purpose reinsurance vehicle directly or indirectly through the issuance of securities and are held in trust or under the control of the ceding insurer pursuant to the requirements of this subchapter to secure the obligations of the special purpose reinsurance vehicle under one or more special purpose reinsurance vehicle contracts with one or more ceding insurers, when investment risk to the holders of these securities is contingent upon the obligations of the special purpose reinsurance vehicle to the ceding insurer or ceding insurers under the special purpose reinsurance vehicle contract in accordance with the transaction terms. See Maine Revised Statutes Title 24-A Sec. 781 Insurer: means every person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insurance who holds an existing certificate of authority to transact insurance in this State pursuant to section 404. See Maine Revised Statutes Title 24-A Sec. 741 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. lands: 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 Lender: includes , but is not limited to, the following institutional lenders whose policies and procedures are subject to governmental supervision:
A. See Maine Revised Statutes Title 13 Sec. 1742Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Limited equity cooperative: means a cooperative affordable housing corporation organized in accordance with section 1754. See Maine Revised Statutes Title 13 Sec. 1742 Limited equity formula: means a rule or method for determining the transfer value of a share in a limited equity cooperative. See Maine Revised Statutes Title 13 Sec. 1742 Low income: means income that is less than or equal to 80% of median income for the area, adjusted for family size, in accordance with federal standards generally accepted at the time of incorporation under this subchapter and comparable to standards of the federal Department of Housing and Urban Development in existence on the effective date of this section. See Maine Revised Statutes Title 13 Sec. 1742 Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Member: means a person who owns a cooperative interest. See Maine Revised Statutes Title 13 Sec. 1742 Moderate income: means income that is less than or equal to 100% of median income for the area, adjusted for family size, in accordance with federal standards generally accepted at the time of incorporation under this subchapter and comparable to standards of the federal Department of Housing and Urban Development in existence on the effective date of this section. See Maine Revised Statutes Title 13 Sec. 1742 Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 municipal clerk: means the clerk of a municipality. See Maine Revised Statutes Title 30-A Sec. 2001 Municipal legislative body: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipal officers: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipal reviewing authority: means the municipal planning board, agency or office, or if none, the municipal officers. See Maine Revised Statutes Title 30-A Sec. 4301 Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001 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 Nonindemnity trigger: means a transaction term by which the special purpose reinsurance vehicle's obligation to pay the ceding insurer under a special purpose reinsurance vehicle contract arises from the occurrence or existence of some event or condition other than the ceding insurer incurring a specified level of losses under its insurance or reinsurance contracts. See Maine Revised Statutes Title 24-A Sec. 781 Notice of transfer: means the written notice to policyholders required by section 764, subsection 1. See Maine Revised Statutes Title 24-A Sec. 761 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. 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 Oversight: Committee review of the activities of a Federal agency or program. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Permitted investments: means those investments that meet the qualifications under section 795. See Maine Revised Statutes Title 24-A Sec. 781 Person: means an individual, corporation, partnership, firm, organization or other legal entity. See Maine Revised Statutes Title 30-A Sec. 2001 Personal property: All property that is not real property. Policyholder: means an individual or entity that has the right to terminate or otherwise alter the terms of a contract of insurance. See Maine Revised Statutes Title 24-A Sec. 761 Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Proprietary lease: means an agreement with a cooperative affordable housing corporation governing a member's right to occupancy under which a member has an exclusive possessory interest in a unit. See Maine Revised Statutes Title 13 Sec. 1742 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 Public drinking water supplier: means a public water supplier as defined by the federal Safe Drinking Water Act that provides drinking water from a source water protection area. See Maine Revised Statutes Title 30-A Sec. 2001 qualified United States financial institution: means an institution that:
A. See Maine Revised Statutes Title 24-A Sec. 741Qualified United States financial institution: means for purposes of meeting the requirements of a trustee as specified in section 784 a financial institution that is eligible to act as a fiduciary of a trust and:
A. See Maine Revised Statutes Title 24-A Sec. 781Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC registered mail: when used in connection with any requirement for notice by mail shall mean either registered mail or certified mail. See Maine Revised Statutes Title 1 Sec. 72 Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as these terms are defined in subsections 6 and 7. See Maine Revised Statutes Title 24-A Sec. 741 Reinsurance intermediary-broker: means any person, other than an officer or employee of the ceding insurer who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer. See Maine Revised Statutes Title 24-A Sec. 741 Reinsurance intermediary-manager: means any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such a reinsurer whether known as a reinsurance intermediary-manager, manager or other similar term. See Maine Revised Statutes Title 24-A Sec. 741 Reinsurance vehicle: means a special purpose reinsurance vehicle. See Maine Revised Statutes Title 24-A Sec. 781 Reinsurer: means any person who operates as an insurer in any manner under applicable provisions of this Title in the assumption of reinsurance risks. See Maine Revised Statutes Title 24-A Sec. 741 residence: refer to an individual's place of domicile. See Maine Revised Statutes Title 30-A Sec. 2001 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Retrocession: means a transfer by a reinsurer to another reinsurer of those risks defined in subsection 2. See Maine Revised Statutes Title 24-A Sec. 741 Retrocessionaire: means an insurer or reinsurer assuming reinsurance risks under a retrocession. See Maine Revised Statutes Title 24-A Sec. 741 securities: means the securities issued by a special purpose reinsurance vehicle. See Maine Revised Statutes Title 24-A Sec. 781 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Share loan: means an agreement entered into by a member and a lender to finance the member's acquisition of the member's cooperative interest. See Maine Revised Statutes Title 13 Sec. 1742 Source water protection area: means an area that contributes recharge water to a surface water intake or public water supply well for a public drinking water supply. See Maine Revised Statutes Title 30-A Sec. 2001 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 Statute: A law passed by a legislature. Subscription agreement: means a written agreement between a prospective member and a cooperative affordable housing corporation for the purchase and sale of a cooperative interest. See Maine Revised Statutes Title 13 Sec. 1742 Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held. Transferring insurer: means the insurer that transfers an insurance obligation risk to an assuming insurer pursuant to an assumption reinsurance agreement. See Maine Revised Statutes Title 24-A Sec. 761 Triggering event: means an event or condition that if and when it occurs or exists obligates the special purpose reinsurance vehicle to make a payment to the ceding insurer under the provisions of a special purpose reinsurance vehicle contract. See Maine Revised Statutes Title 24-A Sec. 781 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trustee: A person or institution holding and administering property in trust. under common control: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. See Maine Revised Statutes Title 24-A Sec. 781 Unit: means a portion of the cooperative property leased for exclusive occupancy by a member under a proprietary lease or leased to a tenant by lease agreement. See Maine Revised Statutes Title 13 Sec. 1742 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Uphold: The decision of an appellate court not to reverse a lower court decision. Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72 Young children: means children from birth until they complete grade 3. See Maine Revised Statutes Title 5 Sec. 24051 Zoning ordinance: means a type of land use ordinance that divides a municipality into districts and that prescribes and reasonably applies different regulations in each district. See Maine Revised Statutes Title 30-A Sec. 4301