Maine Legislature Maine Revised Statutes
  • Session Law
  • Statutes
  • Maine State Constitution
  • Information
  • §762 PDF
  • §762 MS-Word
  • Statute Search
  • Ch. 9 Contents
  • Title 24-A Contents
  • List of Titles
  • Maine Law & Disclaimer
  • Revisor's Office
  • Maine Legislature
§761
Title 24-A: MAINE INSURANCE CODE
Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE
Subchapter 5: ASSUMPTION REINSURANCE
§763

§762. Scope

1.  Application.  This subchapter applies to an insurer authorized in this State that either assumes or transfers the obligations or risks on contracts of insurance pursuant to an assumption reinsurance agreement.  
[PL 1993, c. 603 (NEW).]
2.  Exceptions.  This subchapter does not apply to the following:  
A. A reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for its insurance obligations or risks under the contracts of insurance subject to the reinsurance agreement;   [PL 1993, c. 603 (NEW).]
B. The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;   [PL 1993, c. 603 (NEW).]
C. The transfer of contracts of insurance pursuant to mergers or consolidations of 2 or more insurers to the extent that those transactions are regulated by law;   [PL 1993, c. 603 (NEW).]
D. An insurer subject to a judicial order of liquidation or rehabilitation;   [PL 1993, c. 603 (NEW).]
E. A reinsurance agreement or transaction to which a state insurance guaranty association is a party, except that policyholders do not lose any rights or claims afforded under their original policies pursuant to chapter 57, subchapter III and chapter 62; or   [PL 1993, c. 603 (NEW).]
F. The transfer of liabilities from one insurer to another under a single group policy upon the request of the group policyholder, unless the certificateholder pays all or substantially all of the premium.   [PL 1993, c. 603 (NEW).]
[PL 1993, c. 603 (NEW).]
SECTION HISTORY
PL 1993, c. 603 (NEW).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public.
If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes · 7 State House Station · State House Room 108 · Augusta, Maine 04333-0007
Data for this page extracted on 1/07/2025 11:10:17.
Maine Government
Legislature • Executive • Judicial • Agency Rules
Visit the State House
Tour Guide • Accessibility • Security Screening • Directions & Parking
Email
Office of the Revisor of Statutes