Section 031-730-4 - General qualificationsA. If the applicant is a domestic or foreign insurer, it must be licensed in its domiciliary jurisdiction to transact workers' compensation insurance or workers' compensation reinsurance.B. Applicants must maintain deposits or trust funds as indicated hereunder. (1) A domestic insurer or a foreign insurer licensed in Maine shall make and maintain deposit funds pursuant to Chapter 15 of Title 24-A M.R.S.A. as security to Maine resident beneficiary parties to reinsurance contracts issued by the company. Such deposit funds must be of a market value not less than that required pursuant to Title 24-A M.R.S.A. §412. The Superintendent may require a deposit in excess of the minimum required in § 412 based upon the amount of reinsurance the company has in force.(2) A foreign insurer must have on deposit in this state or some other state of the United States where licensed, funds that inure to the benefit of Maine resident beneficiary parties to reinsurance contracts issued by the company. Such deposited funds must be of a market value not less than that required pursuant to Title 24-A M.R.S.A. §412. The Superintendent may require a deposit in excess of the minimum required in § 412 based upon the amount of reinsurance the company has in force.(3) An alien insurer must secure its liabilities in a manner approved by the Superintendent, consistent with the requirements of Title 24-A M.R.S.A. §731-B and Bureau of Insurance Rule 740. The trust instrument, letter of credit, or other governing document must either mention the reinsured employer(s) by name or expressly specify that the beneficiaries include all reinsured employers and groups with workers' compensation self-insurance risk in Maine.C. All applicants must possess capital and/or surplus adequate to their obligations and must meet basic minimum financial requirements hereunder. An applicant that otherwise possesses funds as required hereunder must also at all times maintain policyholders' surplus, combined paid-in capital stock, if any, and surplus in reasonable amount, as determined by the Superintendent, in relation to the kinds and amounts of insurance it has in force, or being written and retained by it, net of applicable reinsurance. A domestic insurer must possess capital and surplus based upon the requirements in Title 24-A M.R.S.A. §410, and free surplus in the amount of at least $20,000,000.D. An alien insurer must file with the Superintendent on an annual basis a certification of its solvency by its domiciliary regulator and independent certified public or chartered accountant.02-031 C.M.R. ch. 730, § 4