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The provisions of Title 13-C, section 857 apply to the | | indemnification of officers and directors of reinsurance vehicles | | organized under this subchapter. |
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| | | 1.__Appointment; election of officers; directors.__Each | | special purpose reinsurance vehicle authorized to do business in | | this State shall notify the superintendent within 30 days after | | the appointment or election of any new officers or directors. |
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| | | 2.__Removal of officer; director.__When the superintendent | | determines that an officer or director does not meet the | | standards set forth in this section, the superintendent shall, | | after notice and opportunity for hearing afforded to the officer | | or director, and after a finding that the officer or director is | | incompetent or untrustworthy or of known bad character, order the | | removal of the person.__If the reinsurance vehicle does not | | comply with a removal order within 30 days, the superintendent | | may suspend that reinsurance vehicle's limited certificate of | | authority until such time as the order is complied with. |
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| | | 3.__Loans with affiliate.__The reinsurance vehicle may make no | | loans to any special purpose reinsurance vehicle organizer, | | owner, director, officer, manager or affiliate of the reinsurance | | vehicle. |
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| | | A special purpose reinsurance vehicle application under | | section 782, subsection 2 is subject to the application fee | | specified in section 601, subsection 1.__A reinsurance vehicle is | | also responsible for expenses and costs incurred by the bureau in | | accordance with section 228.__The reinsurance vehicle is not | | subject to state premium or other taxes incidental to the | | operation of its business as long as the business remains within | | the limitations of this subchapter. |
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| | | 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 | | 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 |
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