LD 1553
pg. 20
Page 19 of 25 PUBLIC Law Chapter 249 Page 21 of 25
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LR 1915
Item 1

 
3.__Financial statement.__The special purpose reinsurance
vehicle shall keep its books and records in such manner that its
financial condition, affairs and operations can be ascertained
and so that its financial statements filed with the
superintendent can be readily verified and its compliance with
the provisions of this subchapter determined.__The books and
records may be photographed, reproduced on film or stored and
reproduced electronically.

 
4.__Preservation.__All books, records, documents, accounts and
vouchers must be preserved and kept available in this State for
the purpose of examination and until authority to destroy or
otherwise dispose of the records is secured from the
superintendent.__The original records may, however, be kept and
maintained outside this State if, according to a plan adopted by
the special purpose reinsurance vehicle's board of directors and
approved by the superintendent, it maintains suitable records in
lieu of the original records.

 
§790.__Officers and directors

 
The directors of a special purpose reinsurance vehicle shall
elect officers that they consider necessary to carry out the
purposes of the reinsurance vehicle pursuant to this subchapter.__
The provisions of Title 13-C, section 857 apply to the
indemnification of officers and directors of reinsurance vehicles
organized under this subchapter.

 
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.

 
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.

 
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.

 
§791.__Fees and taxes


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