United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 24-A, § 792: Dissolution, 2003

A special purpose reinsurance vehicle may be dissolved with director vote and superintendent approval, but only after all securitization obligations are fully and finally satisfied.

liquidationobligations settlementvoluntary dissolution

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01

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“A special purpose reinsurance vehicle may be dissolved with director vote and superintendent approval, but only after all securitization obligations are fully and finally satisfied.”

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    Enacted 2003 · 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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Dissolution

A special purpose reinsurance vehicle may be dissolved with director vote and superintendent approval, but only after all securitization obligations are fully and finally satisfied.

Section 792

04

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Source record from legislature.maine.gov · Enacted 2003 · Source version 1 Oct 2025

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Provision
§ 792DissolutionProvision

A special purpose reinsurance vehicle may be dissolved with director vote and superintendent approval, but only after all securitization obligations are fully and finally satisfied.

A special purpose reinsurance vehicle operating under this subchapter may be dissolved at any time by a vote of its directors under section 790 and after the action has been approved by the superintendent. Voluntary dissolution may not be effected or allowed until and unless all of the obligations of the reinsurance vehicle pursuant to the insurance securitization or securitizations have been fully and finally satisfied pursuant to their terms. In the case of voluntary dissolution, the disposition of the affairs of the reinsurance vehicle, including the settlement of all outstanding obligations, must be made by the officers or directors of the reinsurance vehicle and when the liquidation has been completed and a final statement in acceptable form has been filed with and approved by the superintendent the provisions for voluntary dissolution under section 3484 must be followed to dissolve the reinsurance vehicle. [PL 2007, c. 386, §18 (AMD).]
Section 792Verify source

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  • 1 Oct 2025 · currentEnglish

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