24-A §3623. Limit of risk - Maine Statutes

Title 24-A: MAINE INSURANCE CODE

Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS

§3623. Limit of risk

1. Except as provided in section 3607, subsection 1, an insurer shall not retain liability as to any one risk in an amount exceeding 10% of its surplus and in addition 8% of the amount at any time due on its premium notes.

[ 1975, c. 124, (AMD) .]

2. Valid reinsurance ceded by the insurer and then in force shall be deducted from the gross risk assumed in determining net risk retained.

[ 1969, c. 132, §1 (NEW) .]

SECTION HISTORY

1969, c. 132, §1 (NEW). 1975, c. 124, (AMD).