Maine Revised Statutes
Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS
24-A §3422. Purchase of own shares by stock insurer

§3422. Purchase of own shares by stock insurer
A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows:   [PL 1969, c. 132, §1 (NEW).]
1.  For elimination of fractional shares.  
[PL 1969, c. 132, §1 (NEW).]
2.  Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.  
[PL 1969, c. 132, §1 (NEW).]
3.  For the purposes of a general savings and investment plan for employees or agents of the insurer.  
[PL 1969, c. 132, §1 (NEW).]
4.  For mutualization of the insurer, as provided in section 3472.  
[PL 1969, c. 132, §1 (NEW).]
5.  For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent may not approve a plan unless found by the superintendent to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materially adverse to the protection of the insurer's policyholders.  
[RR 2021, c. 1, Pt. B, §280 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §280 (COR).

Structure Maine Revised Statutes