24-A §3307. Certificate of organization, approval and filing - Maine Statutes

Title 24-A: MAINE INSURANCE CODE

Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS

Subchapter 1: ORGANIZATION AND GENERAL POWERS

§3307. Certificate of organization, approval and filing

1. The incorporators of a proposed insurer shall deliver the quadruplicate originals of the certificate of organization to the superintendent. The superintendent shall deliver one set of such originals to the Attorney General of this State, and the Attorney General shall examine the same. If the Attorney General finds that the certificate of organization complies with law, he shall so certify in writing and return the original of the certificate of organization, so certified, to the superintendent.

[ 1973, c. 585, §12 (AMD) .]

2. When the certificate of organization has been so approved and returned by the Attorney General, the superintendent shall also endorse his approval upon each set thereof and return the quadruplicate originals of the certificate of organization to the incorporators. The incorporators shall then file one of such sets with the Secretary of State of this State, one set with the superintendent bearing the certification of the Secretary of State, one set for recording in the registry of deeds of the county in this State in which the corporation's principal place of business is to be located, and shall retain the remaining set in the corporate records.

[ 1973, c. 585, §12 (AMD) .]

3. For filing the certificate of organization of a mutual insurer, the Secretary of State shall charge and collect a filing fee of $25; except that if it is a mutual insurance corporation with provision for guaranty capital shares, the Secretary of State shall charge and collect for the filing of the certificate of organization the same amount as would be payable by a stock insurance corporation having a like amount of authorized capital stock.

[ 1969, c. 132, §1 (NEW) .]

4. If the Attorney General finds that the proposed certificate of organization does not comply with law, he shall refuse to approve the same and shall return the set thereof to the superintendent, together with a written statement of the respects in which he finds that the certificate does not so comply. The superintendent shall thereupon return all sets of the proposed certificate of organization to the proposed incorporators together with the Attorney General's written statement.

[ 1973, c. 585, §12 (AMD) .]

5. The Secretary of State shall not permit the filing in that office of any such certificate unless the same bears the superintendent's approval endorsed thereon as hereinabove provided.

[ 1973, c. 585, §12 (AMD) .]

6. The approval of the Attorney General or superintendent, as hereinabove provided for, shall be deemed to relate only to the form and contents of the certificate, and shall not constitute approval or commitment as to any other aspect or operation of the proposed insurer or relative to its entitlement, if any, to a certificate of authority.

[ 1973, c. 585, §12 (AMD) .]

7. The superintendent and Attorney General shall perform all duties required of them under this section within a reasonable time after the certificate of organization has been submitted to the superintendent as provided in subsection 1.

[ 1973, c. 585, §12 (AMD) .]

SECTION HISTORY

1969, c. 132, §1 (NEW). 1973, c. 585, §12 (AMD).