Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 126 - GUARANTY ASSOCIATION LINES OF CREDIT (Reg. 26) (Bureau of Insurance Rule Chapter 570)
Section 029-126-III - DEFINITIONS
Current through 2024-38, September 18, 2024
A. Association means the Maine Insurance Guaranty Association created pursuant to Title 24-A M.R.S.A. §4436 or the Maine Life and Health Insurance Guaranty Association created pursuant to Title 24-AM.R.S.A. §4606.
B. Line of Credit or Credit is a standby commitment by a qualified financial institution or group of qualified financial institutions to the Association or a Member Insurer, as defined in Title 24-A M.R.S.A. §§4435(9) and 4605(11).
C. Member Insurer has the same meaning that is set forth in Title 24-A M.R.S.A. §§4435(6) and 4605(6).
D. Equity capital means the sum of common stock, perpetual preferred stock, surplus, undivided profits, reserves for contingencies and other capital reserves, and cumulative foreign currency translation adjustments, less the net unrealized loss on marketable equity securities, all as determined in accordance with generally accepted accounting principles.
