An Act To Amend the Laws Governing Captive Insurance Companies
Sec. 1. 24-A MRSA §6702, sub-§4, as amended by PL 2009, c. 335, §9, is further amended to read:
Sec. 2. 24-A MRSA §6704, sub-§1, ¶B, as amended by PL 2009, c. 335, §10, is further amended to read:
Sec. 3. 24-A MRSA §6706, sub-§4, as amended by PL 2009, c. 335, §12, is further amended to read:
Sec. 4. 24-A MRSA §6708, sub-§1, as enacted by PL 1997, c. 435, §1, is amended to read:
Sec. 5. 24-A MRSA §6718, as enacted by PL 1997, c. 435, §1, is amended to read:
§ 6718. Rules
The superintendent may adopt rules to implement this chapter. Rules adopted pursuant to this chapter are routine technical major substantive rules as defined in Title 5, chapter 375, subchapter II-A 2-A.
Sec. 6. 24-A MRSA §6719, as enacted by PL 1997, c. 435, §1, is amended to read:
§ 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 to provide an alternative means of securing coverage independent of the requirements of this Title.
This bill amends the chapter of the Maine Insurance Code governing captive insurance companies to make clear that in the event of any conflict between the provisions of other state insurance laws and the provisions of the laws governing captive insurance companies, the provisions of the captive insurance company laws control.
This bill places a cap on the unimpaired paid-in capital and surplus of an association captive insurance company and provides that rules adopted by the Superintendent of Insurance to implement the laws governing captive insurance companies are major substantive rules.