§741. Definitions

Link to law: http://legislature.maine.gov/legis/statutes/24-A/title24-Asec741.html
Published: 2015

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§741. Definitions






As used in this subchapter, unless the context otherwise indicates, the following
terms have the following meanings. [1991, c. 828, §20 (NEW).]








1. Actuary. 
"Actuary" means a person who is a member in good standing of the American Academy
of Actuaries.


[
1991, c. 828, §20 (NEW)
.]








2. Cession. 
"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.


[
1991, c. 828, §20 (NEW)
.]








3. Controlling person. 
"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.


[
1991, c. 828, §20 (NEW)
.]








4. Insurer. 
"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.


[
1991, c. 828, §20 (NEW)
.]








5. Reinsurance intermediary. 
"Reinsurance intermediary" means a reinsurance intermediary-broker or a reinsurance
intermediary-manager as these terms are defined in subsections 6 and 7.


[
1991, c. 828, §20 (NEW)
.]








6. Reinsurance intermediary-broker. 
"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.


[
1991, c. 828, §20 (NEW)
.]








7. Reinsurance intermediary-manager. 
"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. The term does not include:





A. An employee of the reinsurer; [1991, c. 828, §20 (NEW).]










B. A manager of a branch of an alien reinsurer that is located in the United States; [1991, c. 828, §20 (NEW).]










C. An underwriting manager that, pursuant to contract, manages all the reinsurance
operations of the reinsurer, is under common control with the reinsurer subject to
section 222 and whose compensation is not based on the volume of premiums written;
and [1991, c. 828, §20 (NEW).]










D. The manager of a group, association, pool or organization of insurers that engages
in joint underwriting or joint reinsurance and who is subject to examination by the
public insurance regulatory official of the state or country in which the manager's
principal business office is located. [1991, c. 828, §20 (NEW).]







[
1991, c. 828, §20 (NEW)
.]








8. Reinsurer. 
"Reinsurer" means any person who operates as an insurer in any manner under applicable
provisions of this Title in the assumption of reinsurance risks.


[
1991, c. 828, §20 (NEW)
.]








9. Retrocession. 
"Retrocession" means a transfer by a reinsurer to another reinsurer of those risks
defined in subsection 2.


[
1991, c. 828, §20 (NEW)
.]








10. Retrocessionaire. 
"Retrocessionaire" means an insurer or reinsurer assuming reinsurance risks under
a retrocession.


[
1991, c. 828, §20 (NEW)
.]








11. Qualified United States financial institution. 
For purposes of this section, a "qualified United States financial institution"
means an institution that:





A. Is organized or, in the case of a United States branch or agency office of a foreign
banking organization, is licensed under the laws of the United States or any state
of the United States and has been granted authority to operate with fiduciary powers; [1991, c. 828, §20 (NEW).]










B. Is regulated, supervised and examined by federal or state authorities having regulatory
authority over banks and trust companies; and [1991, c. 828, §20 (NEW).]










C. Has been determined by the superintendent or the Securities Valuation Office of
the National Association of Insurance Commissioners to meet standards of financial
condition and standing that are considered necessary and appropriate to regulate the
quality of financial institutions whose letters of credit will be acceptable to the
superintendent. [1991, c. 828, §20 (NEW).]







[
1991, c. 828, §20 (NEW)
.]








12. Qualified United States financial institution. 
"Qualified United States financial institution" means for the purposes of those
provisions of this section specifying those institutions that are eligible to act
as a fiduciary of a trust an institution that:





A. Is organized or in the case of a United States branch or agency office of a foreign
banking organization licensed under laws of the United States or any state of the
United States and has been granted authority to operate with fiduciary powers; and [1991, c. 828, §20 (NEW).]










B. Is regulated, supervised and examined by federal or state authorities having regulatory
authority over banks and trust companies. [1991, c. 828, §20 (NEW).]







[
1991, c. 828, §20 (NEW)
.]





SECTION HISTORY

1991, c. 828, §20 (NEW).