24-A §6714. Delinquent captive insurers
§6714. Delinquent captive insurers The provisions of chapter 57 apply to captive insurers. [PL 2009, c. 335, §20 (AMD).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §20 (AMD).
24-A §6715. Confidential information
§6715. Confidential information All information submitted to the superintendent pursuant to section 6702, subsection 3 and section 6724, subsection 3 is confidential and is not a public record within the meaning of Title 1, chapter 13, subchapter 1. Each report or statement filed with the superintendent pursuant to section 6707, except those filed by or […]
24-A §6716. Redomestication; approval as a domestic captive insurer
§6716. Redomestication; approval as a domestic captive insurer 1. Procedure. A foreign or alien captive insurance company may become a domestic captive insurance company by: A. Complying with all of the requirements relating to the organization and licensing of a domestic captive insurance company of the same type and any requirements that the superintendent […]
24-A §6717. Redomestication; conversion to foreign insurer
§6717. Redomestication; conversion to foreign insurer 1. Transfer of domicile. A domestic captive insurance company, upon approval by the superintendent, may transfer its domicile to any other jurisdiction in accordance with the laws of that jurisdiction. [PL 1997, c. 435, §1 (NEW).] 2. Notice of intent to transfer required. Before transferring its domicile to […]
24-A §6718. Rules
§6718. Rules 1. Authority. The superintendent may adopt rules to implement this chapter. Rules adopted pursuant to this subsection are major substantive rules as defined in Title 5, chapter 375, subchapter 2‑A. [PL 2013, c. 238, Pt. E, §5 (NEW).] 2. Risk retention groups. Notwithstanding section 6719, the superintendent shall adopt rules establishing financial […]
24-A §6719. Laws applicable
§6719. Laws applicable An insurance law of this State, other than described or referenced in this chapter, does not apply to a captive insurance company. This exclusion must be strictly construed so as to further the public policy in favor of providing alternative means for providing insurance coverage. [PL 2011, c. 90, Pt. I, […]
24-A §6720. Fees, taxes and assessments
§6720. Fees, taxes and assessments Except as otherwise specified in this chapter, all fees, taxes and assessments as set out in sections 237, 601 and 602 apply to captive insurers in the same manner as they apply to other insurers. [PL 1997, c. 435, §1 (NEW).] SECTION HISTORY PL 1997, c. 435, §1 (NEW).
24-A §6721. Rules for controlled unaffiliated business
§6721. Rules for controlled unaffiliated business The superintendent may adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by a pure captive insurance company. In the absence of any rules, the superintendent may approve […]
24-A §6722. Conversion to or merger with reciprocal insurer
§6722. Conversion to or merger with reciprocal insurer 1. Authority for conversion or merger. A captive insurance company, association captive insurance company or industrial insured captive insurance company formed as a stock or mutual insurer may convert to or merge with a reciprocal insurer with the approval of the superintendent in accordance with a plan […]
24-A §6724. Sponsored captive insurance companies
§6724. Sponsored captive insurance companies 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Participant” means an entity as described in subsection 6, and any affiliates thereof, that are insured by a sponsored captive insurance company. [PL 2009, c. 335, §23 (NEW).] […]