Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 165 - PRUDENTIAL STANDARDS FOR DOMESTIC RISK RETENTION GROUPS
Section 31-165-3 - Licensure

Universal Citation: 02 ME Code Rules ยง 31-165-3

Current through 2024-38, September 18, 2024

Any risk retention group, as defined in 24-A M.R.S.A. §6093(13), and any entity holding itself out as a risk retention group or RRG or describing itself using substantially similar terminology, that does business or is incorporated or domiciled in this State or does business in another jurisdiction from a place of business in this State, must either:

1. Be licensed by the Superintendent as a casualty insurer pursuant to 24-A M.R.S.A. §404 with authority to transact casualty insurance;

2. Be licensed by the Superintendent as an association or industrial insured captive insurer pursuant to 24-A M.R.S.A. §6702 with authority to transact casualty insurance; or

3. Hold an appropriate license from its domiciliary regulator and, if doing business or holding itself out as doing business in this State, be registered with the Superintendent as a foreign RRG pursuant to 24-A M.R.S.A. §6095.

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