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§3305
Title 24-A: MAINE INSURANCE CODE
Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
Subchapter 1: ORGANIZATION AND GENERAL POWERS
§3307

§3306. Incorporation of domestic stock, mutual insurers

1.  This section applies to stock and mutual insurers hereafter incorporated in this State.  Such an insurer may be formed for the purpose of transacting any kind or kinds of insurance, as well as annuity business.  
[PL 1969, c. 132, §1 (NEW).]
2.  Incorporators.  Three or more individuals, none of whom is less than 18 years of age, may incorporate a stock insurer; 10 or more such individuals may incorporate a mutual insurer. At least a majority of the incorporators must be citizens of the United States of America.  
[PL 1973, c. 625, §148 (AMD).]
3.  Articles of incorporation.  The incorporators shall execute articles of incorporation in triplicate, and at least a majority of the incorporators shall acknowledge their execution of the articles of incorporation under oath. The articles of incorporation must state and show:  
A. The name of the corporation, which must be generally indicative of the business to be transacted and be subject to section 408 (name of insurer); if a mutual, the word "mutual" must be a part of the name. An alternative name or names may be specified for use in foreign countries, or in jurisdictions where conflict of name with that of another insurer or organization might otherwise prevent the corporation from being authorized to transact insurance in the foreign country;   [PL 2013, c. 299, §2 (AMD).]
B. The duration of its existence, which may be perpetual;   [PL 2013, c. 299, §2 (AMD).]
C. The kinds of insurance, as defined in this Title, that the corporation is formed to transact;   [PL 2013, c. 299, §2 (AMD).]
D. If a stock corporation, its authorized capital and the number of shares of stock into which divided. The capital stock must consist entirely of common stock of one uniform class, par value not less than $1.00 per share, each outstanding share of which having equal rights in every respect with every other such share, except that treasury stock may not have dividend or voting rights. Shares without par value may not be authorized;   [PL 2013, c. 299, §2 (AMD).]
E. If a stock corporation, the extent, if any, to which shares of its stock are subject to assessment;   [PL 2013, c. 299, §2 (AMD).]
F. If a mutual corporation, the maximum contingent liability of its members, other than as to nonassessable policies, for payment of losses and expenses incurred. Such liability must be as stated in the articles of incorporation, but may not be less than one or more than 6 times the premium for the member's policy at the annual premium rate for a term of one year;   [PL 2013, c. 299, §2 (AMD).]
G. If a mutual corporation, the amount, if any, of its guaranty capital shares, the number and par value of shares into which divided, the voting and other rights of such shares, and the conditions under which such shares must or may be retired by the corporation, all consistent with section 3358 (guaranty capital shares);   [PL 2013, c. 299, §2 (AMD).]
H. The number of directors who constitute the board of directors and conduct the affairs of the corporation; and the names, addresses and terms of the members of the initial board of directors, who shall conduct the corporation's affairs for the term specified in the articles, but for not more than one year after date of incorporation;   [PL 2013, c. 299, §2 (AMD).]
I. The city or town and county in this State in which the corporation's principal place of business is to be located;   [PL 2013, c. 299, §2 (AMD).]
J. The name, residence address and national citizenship of each incorporator; and   [PL 2013, c. 299, §2 (AMD).]
K. Other provisions, not inconsistent with law, determined appropriate by the incorporators, and including, in the case of life insurers, the power to act as trustee with respect to proceeds of maturity or death benefits payable under life insurance or annuity contracts issued or assumed by it.   [PL 2013, c. 299, §2 (AMD).]
[PL 2013, c. 299, §2 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 625, §148 (AMD). PL 2013, c. 299, §2 (AMD).
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