§1101. Scope of chapter 1. Subject to subsection 2 and section 1137, this chapter applies to all insurers except life or health insurers that transact business of a type described in section 409, subsection 3. [PL 1991, c. 385, §9 (NEW).] 2. Each domestic all lines insurer, as defined in section 409, subsection 2, […]
§1102. Eligible investments 1. Insurers shall hereafter invest in or lend their funds on the security of and shall hold as eligible investments only those as prescribed in this chapter. [PL 1969, c. 177, §17 (AMD).] 2. Any particular investment held by an insurer on January 1, 1970, which was a legal investment at […]
§1103. General qualifications 1. No security or investment, other than real and personal property acquired under section 1125 (real estate), shall be eligible for acquisition unless it is interest bearing or interest accruing or entitled to dividends, if declared, or is otherwise income-entitled, is not then in default in any respect, and the insurer is […]
§1104. Authorization, record of investments 1. An insurer shall not make any investment or loan unless the same is authorized or approved by the insurer’s board of directors or by a committee thereof charged with supervision of investments and loans. [PL 1987, c. 399, §5 (AMD).] 2. The insurer shall maintain a full record […]
§1105. Diversification — Life, life/health insurers (REPEALED) SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §§18-20 (AMD). PL 1983, c. 442, §§2,3 (AMD). PL 1987, c. 399, §6 (RP).
§1106. Diversification; property, casualty and other nonlife insurers The investments of an insurer are subject to the following diversification requirements and limitations. [PL 1993, c. 313, §21 (AMD).] 1. Not less than 30% of the insurer’s assets in aggregate amount may consist of cash funds, agents’ balances less than 90 days past due and […]
§1107. Public obligations An insurer may invest in bonds or other evidences of indebtedness, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed or guaranteed by the United States or by any state thereof, or by Canada or any of the provinces thereof, or by any county, […]
§1108. Obligations, stock of certain federal and international agencies An insurer may invest in the obligations, or stock where stated, issued, assumed or guaranteed by the following agencies of the government of the United States of America, or in which such government is a participant, whether or not such obligations are guaranteed by such government: […]
§1109-A. High-yield corporate obligations (REPEALED) SECTION HISTORY PL 1989, c. 846, §§B7,E4 (NEW). PL 1993, c. 313, §23 (RP).
§1109. Investment grade obligations An insurer may invest in obligations, other than those eligible for investment under section 1124 (mortgage loans), issued, assumed or guaranteed by any solvent institution created or existing under the laws of the United States or of Canada, or of any state, province, district or territory thereof, provided that the obligations […]
§1110. — certain terms defined; net earnings 1. [PL 1999, c. 715, §3 (RP).] 1-A. Definitions. As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. A. “Admitted assets” means assets recognized by the superintendent pursuant to section 901‑A. [PL 2001, c. 72, §11 (AMD).] B. […]
§1111. — application of earnings test In applying the earnings tests under this chapter to any institution for any period, whether or not in legal existence at the beginning of such period: [PL 1969, c. 132, §1 (NEW).] 1. Earnings from the beginning of such period may include, as determined in accordance with adjusted […]
§1112. Preferred or guaranteed stocks An insurer may invest in the preferred or guaranteed stocks or shares of any solvent institution created or existing under the laws of the United States or of Canada, or of any state, province, district or territory thereof, if all of the prior obligations and prior preferred stocks, if any, […]
§1113. Common stocks An insurer may invest in nonassessable, except as to bank or trust company stocks, and except for taxes, common stocks, other than insurance stocks, of any solvent corporation organized and existing under the laws of the United States or Canada, or of any state or province thereof, if such corporation has had […]
§1114. Insurance stocks 1. An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state, which stocks meet the applicable requirements of section 1112 (preferred or guaranteed stocks) or 1113 (common stocks). [PL 1969, c. 132, §1 (NEW).] 2. With the superintendent’s advance written consent […]
§1115. Stocks of subsidiaries 1. An insurer may invest in the stock of its subsidiary insurance corporation formed or acquired by it; or in the stock of its subsidiary business corporation or corporations formed and engaged solely in any one or more of the following businesses: A. In any business necessary and incidental to […]
§1116. Trustees’ or receivers’ obligations An insurer may invest in certificates, notes or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state, district or territory thereof, which, or the assets of which, are being administered under the direction of any […]
§1117. Equipment trust certificates An insurer may invest in equipment trust obligations or certificates which are adequately secured, or in other adequately secured instruments evidencing an interest in transportation equipment wholly or in part within the United States of America and a right to receive determined portions of rental, purchase or other fixed obligatory payments […]
§1118. Acceptances, bills of exchange An insurer may invest in bank and bankers’ acceptances and other bills of exchange of the kind and maturities made eligible, pursuant to law, for purchase in the open market by federal reserve banks. [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
§1119. Savings and loan institutions An insurer may invest in the shares of savings and loan or buildings and loan associations or in the savings accounts of federal savings and loan associations, to the extent that the investment or account is insured by the Federal Savings and Loan Insurance Corporation pursuant to the National Housing […]
