Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 760 - LIFE AND HEALTH REINSURANCE AGREEMENTS
Section 031-760-5 - Written agreements

Universal Citation: 02 ME Code Rules ยง 031-760-5

Current through 2024-38, September 18, 2024

A. No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the Bureau, unless the agreement, amendment or a binding letter of intent has been duly executed by both parties no later than the date of account of the financial statement.

B. In the case of a letter of intent, a reinsurance agreement or an amendment to a reinsurance agreement must be executed within ninety (90) days from the execution date of the letter of intent, in order for credit taken to continue respecting the reinsurance ceded.

C. The reinsurance agreement shall contain provisions which provide that:

(1) The agreement shall constitute the entire agreement between the parties with respect to the business being reinsured and all understandings between the parties are expressed in the agreement; and

(2) Any change or modification to the agreement shall be null and void unless made by amendment to the agreement and signed by both parties.

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