Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 740 - CREDIT FOR REINSURANCE
Section 031-740-9 - Reinsurers domiciled and licensed in other states

Pursuant to Title 24 A M.R.S.A. §731- B(1)(B), the Superintendent shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer which has been domiciled and licensed in another State that employs standards regarding credit for reinsurance substantially similar to those applicable in Section 731-B at all times for which statutory financial statement credit for reinsurance is claimed under this section, has filed evidence of its submission to this State's authority to examine its books and records, has appointed an agent to receive service of legal process pursuant to Title 24-A M.R.S.A. §421, has submitted to the authority of any court of competent jurisdiction in the State of Maine or any other state in the United States for the adjudication of any issues arising out of the reinsurance agreement(s), and maintains a surplus as regards policyholders in an amount not less than $20,000,000. An insurer with a qualifying United States port of entry, as determined by the Superintendent pursuant to Title 24-A M.R.S.A. §413-A(1), is considered domiciled in that State. The minimum surplus requirement does not apply to reinsurance ceded and assumed pursuant to pooling arrangements approved by the Superintendent among insurers in the same holding company system.