§3623. Limit of risk
1. Except as provided in section 3607, subsection 1, an insurer shall not retain liability as to any one risk in an amount exceeding 10% of its surplus and in addition 8% of the amount at any time due on its premium notes.
[PL 1975, c. 124 (AMD).]
2. Valid reinsurance ceded by the insurer and then in force shall be deducted from the gross risk assumed in determining net risk retained.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1975, c. 124 (AMD).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
24-A §3603. Mutual assessment plans; definitions
24-A §3604. Insuring powers; reinsurance
24-A §3605. Formation of new assessment plan insurers
24-A §3606. Certificate of authority required
24-A §3607. Capital funds required; existing insurers
24-A §3608. Capital funds required; new mutual assessment insurers
24-A §3609. New assessment plan insurers; conversion
24-A §3610. Guaranty capital shares; dividends, investment, deposit, voting rights
24-A §3611. Guaranty capital shares; increase of paid-in capital
24-A §3612. Guaranty capital shares; deficiency and assessment
24-A §3613. Guaranty capital shares; retirement
24-A §3614. Notice of contingent liability; reduction
24-A §3615. Delivery, acceptance of policy
24-A §3616. Assessment; remedy if not paid
24-A §3617. Assessment -- court review; adjustment of claims where no assessment made
24-A §3618. -- order of notice to parties interested, and proceedings
24-A §3619. Proceedings before master or auditor
24-A §3620. -- when assessment final; costs; control of funds and payment of assessments
24-A §3621. -- assessment not sufficient; collection stayed by court
24-A §3622. Nonassessable policies; assessable, nonassessable liability
24-A §3624. Unearned premium reserve
24-A §3625. Directors' residence, compensation
24-A §3626. Annual statement by directors