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United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 24-A, § 731-E: Reinsurance concentration risk, 2013

Insurers must manage and diversify reinsurance risk, and domestic insurers must notify the superintendent within 30 days if specified concentration limits are exceeded or likely to be exceeded.

Source excerpt

capital adequacyreinsurancerisk management
Jurisdiction
United States — Maine
Structure
1 provisions
Official identity
Year 2013
Dates
Enacted 2013 · Source version 1 Oct 2025
More statute details
Dates
Enacted 2013 · Source version 1 Oct 2025
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“Insurers must manage and diversify reinsurance risk, and domestic insurers must notify the superintendent within 30 days if specified concentration limits are exceeded or likely to be exceeded.”

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    Enacted 2013 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Reinsurance concentration risk

Insurers must manage and diversify reinsurance risk, and domestic insurers must notify the superintendent within 30 days if specified concentration limits are exceeded or likely to be exceeded.

Section 731-E

04

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Source record from legislature.maine.gov · Enacted 2013 · Source version 1 Oct 2025

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Provision
§ 731-EReinsurance concentration riskProvision

Source excerpt

Insurers must manage and diversify reinsurance risk, and domestic insurers must notify the superintendent within 30 days if specified concentration limits are exceeded or likely to be exceeded.

1. Reinsurance claim exposure. An insurer shall manage its reinsurance recoverables proportionate to its own book of business. A domestic insurer shall notify the superintendent within 30 days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceed 50% of the insurer's last reported surplus to policyholders or after it is determined that reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, are likely to exceed this limit. [PL 2013, c. 238, Pt. B, §10 (NEW).] 2. Diversification. An insurer shall diversify its reinsurance program to the extent reasonably necessary to avoid imprudent concentrations of risk. A domestic insurer shall notify the superintendent within 30 days after ceding to any single assuming insurer, or group of affiliated assuming insurers, more than 20% of the insurer's gross written premium in the prior calendar year or after the insurer has determined that the reinsurance ceded to any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. [PL 2013, c. 238, Pt. B, §10 (NEW).] 3. Risk management. A notice provided by an insurer under subsection 1 or 2 must include a demonstration that the insurer is safely managing the exposure. [PL 2013, c. 238, Pt. B, §10 (NEW).]
Section 731-EVerify source

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  • 1 Oct 2025 · currentEnglish

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