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Maine
Marsh USA Inc.
Head of Office: Arthur Koritzinsky
Sales Coordinator: Arthur Koritzinsky
Office and Mailing Address:
1166 Avenue of the Americas
39th Floor
New York, New York 10036 |
Telephone: (212) 345-3664
Facsimile: (212) 345-7316 |
Basic Information
| Location |
Maine is located in the Northeastern United States. |
| Accessibility |
Maine is accessible on regularly scheduled flights from many locales throughout the United States. |
| Applicable Legislation |
Sec. 1.24-A Maine Revised Statutes Annotated, Chapter 83 |
| Regulatory Agency |
Superintendent of Insurance, Maine Bureau of Insurance |
Regulatory Issues
| Acceptable Insurance Subsidiaries |
Pure, Association & Risk Retention Groups |
| Acceptable Corporate Forms |
Stock or Mutual |
| Permitted Business |
Direct & Reinsurance |
Direct Insurance Permitted |
Casualty (Excluding WC) Marine P&I, Property, Surety, Title & Affiliated Credit Life and Credit Health |
| New Amendments |
Allowance of Pure Non-Profit Captive Insurance Companies |
Policy Form and Rate Approval |
Not required |
| Local Office Requirement |
Principal office in Maine
Annual Directors meeting in Maine
Use of local managers required
One director must be a Maine resident |
Capitalization & Solvency Requirements
| |
Minimum
Capital |
Minimum
Surplus |
Total
Capitalization |
| Stock
Pure
Industrial Insured
Association |
$100,000
$200,000
$400,000
|
$150,000
$300,000
$350,000
|
$250,000
$500,000
$750,000
|
|
Mutual
Industrial Insured
Association |
|
$500,000
$750,000
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$500,000
$750,000
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Premium Taxes
|
Premium tax on direct premiums
0.375% on first $20 million
0.275% on next $20 million
0.175% on next $20 million
0.075% thereafter
(subject to a minimum of $4,000) |
| |
Premium tax on reinsurance premiums
0.215% on first $20 million
0.125% on next $20 million
0.050% on next $20 million
0.025% thereafter
(subject to a minimum of $4,000) |
| Investment Restrictions |
None, unless solvency is threatened |
| Taxation |
Income generated by the captive will be subject to the federal tax rate of the captive parent (assuming the parent is U.S. based); otherwise, the captive income will initially be subject to the U.S. federal rate and consolidated at the rate of the foreign parent. |
| Reporting Requirements |
GAAP
Annual NAIC convention statement
Audited Financials (Prior to 7/1)
Certified Loss Reserves |
Regulatory & Incorporation
Expenses |
$1,000 Filing Fee
$500 Maine Redomestication Fee
$100 Issuance Annual Fee
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