§783. Limited purpose of special purpose reinsurance vehicle
Special purpose reinsurance vehicles authorized under this subchapter are created for the limited purpose of entering into insurance securitization transactions with investors and related agreements to pay one or more ceding insurers agreed-upon amounts under a special purpose reinsurance vehicle contract upon the occurrence of triggering events related to the insurance business of the ceding insurer. A special purpose reinsurance vehicle may not issue a contract for assumption of risk or indemnification of loss other than a special purpose reinsurance vehicle contract. [PL 2003, c. 249, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 249, §2 (NEW).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE
Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE
24-A §782. Limited certificate of authority required
24-A §783. Limited purpose of special purpose reinsurance vehicle
24-A §784. Approved transactions and operation of special purpose reinsurance vehicles
24-A §789. Records and financial reports
24-A §790. Officers and directors
24-A §793. Conservation, rehabilitation or liquidation
24-A §794. Not subject to guaranty funds; residual market or similar arrangements
24-A §795. Asset and investment limitations
24-A §796. No transaction of insurance business by investors in securities
24-A §796-A. Confidentiality of proprietary information