§4123. Reinsurance
A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this State, or if not so authorized, one which is approved by the superintendent, but no such society may reinsure substantially all of its insurance in force without the written permission of the superintendent. It may take credit for the reserves on such ceded risks to the extent reinsured, but no credit shall be allowed as an admitted asset or as a deduction from liability, to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective after January 1, 1970, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contract or contracts reinsured without diminution because of the insolvency of the ceding society. [PL 1973, c. 625, §154 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1973, c. 625, §154 (AMD).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 55: FRATERNAL BENEFIT SOCIETIES
24-A §4101. Fraternal benefit societies defined
24-A §4102. Lodge system defined
24-A §4103. Representative form of government defined
24-A §4105. Corporate powers retained
24-A §4106. Voluntary associations
24-A §4107. Location of office -- place of meeting
24-A §4108. Consolidations and mergers
24-A §4109. Conversion of fraternal benefit society into mutual life insurance company
24-A §4110. Qualifications for membership
24-A §4111. Articles of incorporation, constitution and laws -- amendments
24-A §4113. No personal liability
24-A §4115. Benefits on lives of children
24-A §4116. Nonforfeiture benefits, cash surrender values, certificate loans and other options
24-A §4118. Benefits not attachable
24-A §4120. Life benefit certificate provisions, standard and prohibited
24-A §4121. Accident and health insurance and total and permanent disability insurance certificates
24-A §4121-A. Acquired Immune Deficiency Syndrome
24-A §4125. Foreign or alien society -- admission
24-A §4126. Injunction -- liquidation -- receivership of domestic society
24-A §4127-A. Suspension, revocation or refusal of license of foreign or alien society
24-A §4128. Licensing of agents
24-A §4129. Service of process
24-A §4134. Reports and valuations
24-A §4135. Examination of domestic societies
24-A §4136. Examination of foreign and alien societies
24-A §4137. No adverse publications
24-A §4138. Misrepresentation (REPEALED)
24-A §4138-A. Enforcement; unfair methods of competition and unfair and deceptive acts and practices
24-A §4139. Discrimination and rebates (REPEALED)
24-A §4139-A. Funeral service contracts