02-031 C.M.R. ch. 160, § 3 - General requirements
An insurer applying for such surplus lines eligibility shall either (a) be licensed in at least one state of the United States for the class of business it proposes to write in the State of Maine and shall have on deposit in that state or some other state of the United States where licensed, funds that inure to the benefit of all policyholders of the company, such deposited funds shall be at least equal to that sum of capital and surplus required of foreign insurers licensed to write such classes of business under the applicable sections of the Maine Insurance Code; or (b) if not licensed in any state of the United States, the applicant insurer shall establish and maintain a trust fund for the benefit of policyholders located in the United States. Such funds shall, where possible, be held in trust in the United States by a member bank of the Federal Reserve System.
Notes
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