Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 740 - CREDIT FOR REINSURANCE
Section 031-740-17 - Other security
Current through 2024-38, September 18, 2024
A ceding insurer may take credit under Title 24 A M.R.S.A. §731- B(1)(D) for reinsurance ceded in accordance with Sections 14 and 15, in an amount not to exceed the amount recognized by the ceding insurer as a liability for the risks ceded under the reinsurance agreement, to the extent that the assuming insurer's obligations have been secured at all times for which statutory financial statement credit is claimed under this section by unencumbered admitted assets, of a character, maturity, and value to fulfill the intent of the agreement, withheld by the ceding insurer in the United States, subject to withdrawal solely by the ceding insurer and under its exclusive control. The assets must be of the following form:
A. Cash;
B. Securities listed by the Securities Valuation Office of the NAIC, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets;
C. Letter of credit in compliance with Section 16;
D. Any other form of security that the Superintendent finds to be acceptable consistent with the purposes of this rule.
