S.P. 693 - L.D. 1928
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 24-A MRSA §6702, sub-§1, ¶B, as enacted by PL 1997, c. 435, §1, is amended to read:
B. Holds at least one meeting of its board of directors, or other governing body, each year in this State. For pure captive insurance companies and pure nonprofit captive insurance companies, the annual in-state meeting requirement may be satisfied by a teleconferenced or videoconferenced meeting if at least one Maine resident member of the board of directors, or other governing body, participates in the meeting from this State;
Sec. 2. 24-A MRSA §6702, sub-§6, ¶¶G and H, as enacted by PL 1997, c. 435, §1, are amended to read:
G. Title insurance as defined by section 709; and
H. Credit Reinsurance of credit life insurance and credit health insurance, as defined by section 2853, relating to specific loans or other credit transactions between its parent or affiliated companies and any of their directors, officers and employees. to the extent provided in section 6711;
Sec. 3. 24-A MRSA §6702, sub-§6, ¶¶I and J are enacted to read:
I. Reinsurance of life insurance as defined by section 702, annuities as defined by section 703 and health insurance as defined by section 704 written in connection with the employee benefit plan or plans of the single or association parent of a captive insurer to the extent provided in section 6711; and
J. Financial guaranty insurance as defined in section 709-A.
Sec. 4. 24-A MRSA §6707, sub-§2, as enacted by PL 1997, c. 435, §1, is amended to read:
2. Annual report. An association captive insurance company or risk retention industrial insured captive insurance company shall file an annual statement in accordance with statutory accounting practices, which must be a true statement of its financial condition, transactions and affairs as of the immediately preceding December 31st, in general form and context as approved by the National Association of Insurance Commissioners, or other format prescribed by the superintendent, verified by oaths of at least 2 of the insurer's principal officers.
Sec. 5. 24-A MRSA §6715, as enacted by PL 1997, c. 435, §1, is amended to read:
§6715. Confidential information
All information submitted to the superintendent pursuant to section 6702, subsection 4 3 is confidential and is not a public record within the meaning of Title 1, chapter 13, subchapter I. Each report or statement filed with the superintendent pursuant to section 6707, except those filed by or with respect to industrial insured groups as defined in section 6701, subsection 8, is confidential and is not a public record within the meaning of Title 1, chapter 13, subchapter I. The confidential nature of this information does not limit the ability of the superintendent, in the superintendent's discretion, to disclose such information to a public official in another state, as long as the public official agrees in writing to maintain the confidentiality of such information and the laws of the state in which the public official serves designate such information as confidential.
Sec. 6. 36 MRSA §2513-B, sub-§2, as enacted by PL 1997, c. 435, §2, is amended to read:
2. Reinsurance. A captive insurance company shall pay to the State Tax Assessor a tax at the rate of .225 of 1% on the first $20,000,000 of assumed reinsurance premium, .150 of 1% on the next $20,000,000, .50 .050 of 1% on the next $20,000,000 and .25 .025 of 1% of each $1 thereafter. However, no reinsurance tax applies to premiums for risks or portions of risks that are subject to taxation on a direct basis pursuant to subsection 1. No reinsurance premium tax is payable in connection with the receipt of assets in exchange for the assumption of loss reserves and other liabilities of another insurer under common ownership and control if that transaction is part of a plan to discontinue the operations of another insurer and if part of the intent of the parties to that transaction is to renew or maintain that business with the captive insurance company.
Effective June 30, 1998, unless otherwise indicated.
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