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USA Statutes : maine
Title : Title 24-A. MAINE INSURANCE CODE
Chapter : Chapter 62. MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
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Title 24-A - §4601. Short title
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4601. Short title
This chapter may be known and cited as the Maine Life and Health Insurance Guaranty Association Act.
[2005, c. 346, §1 (amd); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4602. Purpose
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4602. Purpose
The purpose of this chapter, subject to certain limitations, is to maintain public confidence in the promises of insurers
by providing a mechanism for protecting policyholders, insureds, beneficiaries, annuitants, payees and assignees of life insurance
policies, health insurance policies, annuity contracts and supplemental contracts against failure in the performance of fair
and equitable contractual obligations due to the impairment or insolvency of the member insurer issuing these policies or
contracts. To provide this protection:
[2005, c. 346, §1 (amd); §16 (aff).]
1. Creation of association. An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages as limited
by this chapter;
[2005, c. 346, §1 (amd); §16 (aff).]
2. Assessment of members. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and
[1983, c. 846 (new).]
3. Assistance to superintendent. The association is authorized to assist the superintendent, in the prescribed manner, in the detection and prevention of
insurer impairments and insolvencies.
[2005, c. 346, §1 (amd); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4603. Scope
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4603. Scope
1. Application. This chapter applies to direct nongroup life insurance policies, health insurance policies, annuity contracts and contracts
supplemental to life and health insurance policies and annuity contracts and to certificates under direct group life insurance
policies, health insurance policies and annuity contracts, except as limited by this chapter. For the purposes of this chapter,
annuity contracts and certificates under group annuity contracts include allocated funding agreements, structured settlement
annuities and any immediate or deferred annuity contracts.
[2005, c. 346, §2 (amd); §16 (aff).]
1-A. Persons covered. This chapter provides coverage for the policies and contracts specified in subsection 1:
A. To any person, regardless of where the person resides, except for a nonresident certificate holder under a group policy
or contract, who is the beneficiary, assignee or payee of a person covered under paragraph B;
[2005, c. 346, §2 (amd); §16 (aff).]
B. To any person who owns, or is a certificate holder under, a policy or contract specified in subsection 1, other than a structured
settlement annuity, who:
(1) Is a resident; or
(2) Is not a resident, if all the following conditions are met:
(a) The insurer that issued the policy or contract is domiciled in this State;
(b) The insurer never held a license or certificate of authority in the state in which the person resides;
(c) The state in which the person resides has an association similar to the Maine Life and Health Insurance Guaranty Association;
and
(d) The person is not eligible for coverage by the association in that state; and
[2005, c. 346, §2 (amd); §16 (aff).]
C. To any person who is a payee under a structured settlement annuity, or to a beneficiary or beneficiaries of a payee if the
payee is deceased, if the payee:
(1) Is a resident, regardless of where the contract owner resides; or
(2) Is not a resident, if all of the conditions of either division (a) or (b) are met:
(a) The contract owner of the structured settlement annuity is a resident; or
(b) The contract owner of the structured settlement annuity is not a resident, but:
(i) The insurer that issued the structured settlement annuity is domiciled in this State;
(ii) The state in which the contract owner resides has an association similar to the association created by this chapter;
and
(iii) The payee or beneficiary and the contract owner are not eligible for coverage by the association of the state in
which the payee or contract owner resides.
This chapter does not provide coverage to a person who is a payee or beneficiary of a contract owner who is a resident of
this State if the payee or beneficiary is afforded any coverage by a similar association of another state.
[2005, c. 346, §2 (new); §16 (aff).]
This chapter is intended to provide coverage to a person who is a resident, and, in special circumstances as provided by this
section, to a person who is not a resident. In order to avoid duplicate coverage, if a person who would otherwise receive
coverage under this chapter is provided coverage under the laws of any other state, that person may not be provided coverage
under this chapter. In determining the application of the provisions of this subsection in a situation in which a person
could be covered by the association of more than one state, whether as an owner, payee, beneficiary or assignee, this chapter
must be construed in conjunction with other state laws to result in coverage by only one association.
[2005, c. 346, §2 (amd); §16 (aff).]
2. Exceptions. This chapter does not apply to:
A. That portion of a policy or contract not guaranteed by an insurer;
[2005, c. 346, §2 (amd); §16 (aff).]
B. Any policies or contracts, or any part of these policies or contracts, under which the risk is borne by the policyholder;
[2005, c. 346, §2 (amd); §16 (aff).]
C. Any contract of reinsurance, other than reinsurance for which assumption certificates have been issued;
[2005, c. 346, §2 (amd); §16 (aff).]
D. Any policy or contract issued by assessment mutuals and nonprofit hospital and medical service plans;
[2005, c. 346, §2 (amd); §16 (aff).]
E. Any portion of a policy or contract to the extent that the rate of interest on which it is based, or similar factor determined
by use of an index or other external reference stated in the policy or contract employed in calculating returns or changes
in value:
(1) Averaged over a period of 4 years before the date on which the member insurer becomes an impaired insurer or becomes
an insolvent insurer under this chapter, whichever is earlier, exceeds a rate of interest determined by subtracting 2 percentage
points from Moody's Corporate Bond Yield Average averaged over the same 4-year period or for a lesser period if the policy
or contract was issued less than 4 years before the member insurer becomes an impaired insurer or becomes an insolvent insurer,
whichever is earlier; and
(2) On or after the date on which the member insurer becomes an impaired insurer or becomes an insolvent insurer under
this chapter, whichever is earlier, exceeds the rate of interest determined by subtracting 3 percentage points from Moody's
Corporate Bond Yield Average as most recently available;
[2005, c. 346, §2 (amd); §16 (aff).]
F. Any portion of a policy or contract issued to a plan or program of an employer, association or other person to provide
life, health or annuity benefits to its employees, members or others, to the extent that the plan or program is self-funded
or uninsured, including but not limited to benefits payable by an employer, association or other person under:
(1) A multiple employer welfare arrangement as defined in 29 United States Code, Section 1144;
(2) A minimum premium group insurance plan;
(3) A stop loss group insurance plan; or
(4) An administrative-services-only contract;
[2005, c. 346, §2 (new); §16 (aff).]
G. Any portion of a policy or contract to the extent that it provides for:
(1) Dividends or experience rating credits;
(2) Voting rights; or
(3) Payment of any fees or allowances to any person, including the policy or contract owner, in connection with the service
to or administration of the policy or contract;
[2005, c. 346, §2 (new); §16 (aff).]
H. Any policy or contract issued in this State by a member insurer at a time when it was not licensed or did not have a certificate
of authority to issue the policy or contract in this State;
[2005, c. 346, §2 (new); §16 (aff).]
I. Any portion of a policy or contract to the extent that the assessments required by section 4609 with respect to the policy
or contract are preempted by federal or state law;
[2005, c. 346, §2 (new); §16 (aff).]
J. Any obligation that does not arise under the express written terms of the policy or contract issued by the insurer to the
contract owner or policy owner, including without limitation:
(1) Claims based on marketing materials;
(2) Claims based on side letters, riders or other documents that were issued by the insurer without meeting applicable policy
form filing or approval requirements;
(3) Misrepresentations of or regarding policy benefits;
(4) Extra-contractual claims; or
(5) Claims for penalties or consequential or incidental damages;
[2005, c. 346, §2 (new); §16 (aff).]
K. Any contractual agreement that establishes the member insurer's obligations to provide a book value accounting guaranty
for defined contribution benefit plan participants by reference to a portfolio of assets that is owned by the benefit plan
or its trustee, neither of which is an affiliate of the member insurer;
[2005, c. 346, §2 (new); §16 (aff).]
L. Any unallocated annuity contract; and
[2005, c. 346, §2 (new); §16 (aff).]
M. Any portion of a policy or contract to the extent it provides for interest or other changes in value to be determined by
the use of an index or other external reference stated in the policy or contract, but that have not been credited to the policy
or contract, or as to which the policy or contract owner's rights are subject to forfeiture, as of the date the member insurer
becomes an impaired insurer or becomes an insolvent insurer under this chapter, whichever is earlier. If a policy's or contract's
interest or changes in value are credited less frequently than annually, then for purposes of determining the values that
have been credited and are not subject to forfeiture under this paragraph, the interest or change in value determined by using
the procedures defined in the policy or contract will be credited as if the contractual date of crediting interest or changing
values was the date of impairment or insolvency, whichever is earlier, and will not be subject to forfeiture.
[2005, c. 346, §2 (new); §16 (aff).]
[2005, c. 346, §2 (amd); §16 (aff).]
3. Benefits; limitations of coverage. The benefits that the association may become obligated to cover may not exceed the least of:
A. The contractual obligations for which the insurer is liable or would have been liable if it were not an impaired or insolvent
insurer;
[2005, c. 346, §2 (new); §16 (aff).]
B. With respect to one life, regardless of the number of policies or contracts:
(1) Three hundred thousand dollars in life insurance death benefits, but not more than $100,000 in net cash surrender and
net cash withdrawal values for life insurance;
(2) The following limits for health insurance benefits:
(a) Three hundred thousand dollars for coverages not defined as disability insurance or basic hospital, medical and surgical
insurance or major medical insurance, including any net cash surrender and net cash withdrawal values;
(b) Three hundred thousand dollars for disability and long-term care insurance; or
(c) Five hundred thousand dollars for basic hospital, medical and surgical insurance or major medical insurance; or
(3) One hundred thousand dollars in the present value of annuity benefits, including net cash surrender and net cash withdrawal
values; or
[2005, c. 346, §2 (new); §16 (aff).]
C. With respect to each payee of a structured settlement annuity, or beneficiary or beneficiaries of the payee if deceased,
$100,000 in present value annuity benefits, in the aggregate, including net cash surrender and net cash withdrawal values.
[2005, c. 346, §2 (new); §16 (aff).]
[2005, c. 346, §2 (new); §16 (aff).]
4. Maximum obligation in benefits. Notwithstanding subsection 3, the association is not in any event obligated to cover more than:
A. An aggregate of $300,000 in benefits with respect to any one life under subsection 3, paragraph B except with respect to
benefits for basic hospital, medical and surgical insurance and major medical insurance under subsection 3, paragraph B, subparagraph
(2), in which case the aggregate liability of the association may not exceed $500,000 with respect to any one individual;
or
[2005, c. 346, §2 (new); §16 (aff).]
B. Five million dollars in benefits, regardless of the number of policies and contracts held by the owner, with respect to
one owner of multiple nongroup policies of life insurance, whether the policy owner is an individual, firm, corporation or
other person, and whether the persons insured are officers, managers, employees or other persons.
[2005, c. 346, §2 (new); §16 (aff).]
[2005, c. 346, §2 (new); §16 (aff).]
5. Subrogation and assignment rights. The limitations set forth in subsections 3 and 4 are limitations on the benefits for which the association is obligated
before taking into account either its subrogation and assignment rights or the extent to which those benefits could be provided
out of the assets of the impaired or insolvent insurer attributable to covered policies. The costs of the association's obligations
under this chapter may be met by the use of assets attributable to covered policies or reimbursed to the association pursuant
to its subrogation and assignment rights.
[2005, c. 346, §2 (new); §16 (aff).]
6. Material economic benefits; contractual obligations. In performing its obligations to provide coverage under section 4608, the association is not required to guarantee, assume,
reinsure or perform, or cause to be guaranteed, assumed, reinsured or performed, the contractual obligations of the insolvent
or impaired insurer under a covered policy or contract that do not materially affect the economic values or economic benefits
of the covered policy or contract.
[2005, c. 346, §2 (new); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4604. Construction
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4604. Construction
This chapter must be construed to effect the purpose under section 4602.
[2005, c. 346, §3 (amd); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4605-A. Definitions
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4605-A. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
[2005, c. 346, §5 (new); §16 (aff).]
1. Account. "Account" means any one of the 3 accounts created under section 4606.
[2005, c. 346, §5 (new); §16 (aff).]
2. Association. "Association" means the Maine Life and Health Insurance Guaranty Association created under section 4606.
[2005, c. 346, §5 (new); §16 (aff).]
3. Authorized assessment. "Authorized assessment" or "authorized" when used in the context of assessments means that a resolution by the board of
directors of the association has been passed whereby an assessment will be called immediately or in the future from member
insurers for a specified amount; an assessment is authorized when the resolution is passed.
[2005, c. 346, §5 (new); §16 (aff).]
4. Benefit plan. "Benefit plan" means a specific employee, union or association of natural persons benefit plan.
[2005, c. 346, §5 (new); §16 (aff).]
5. Board of directors. "Board of directors" means the board of directors of the association.
[2005, c. 346, §5 (new); §16 (aff).]
6. Called assessment. "Called assessment" or "called" when used in the context of assessments means that a notice has been issued by the association
to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice; an authorized
assessment becomes a called assessment when notice is mailed by the association to member insurers.
[2005, c. 346, §5 (new); §16 (aff).]
7. Contractual obligation. "Contractual obligation" means an obligation under a policy or contract or certificate under a group policy or contract,
or portion thereof, for which coverage is provided under section 4603.
[2005, c. 346, §5 (new); §16 (aff).]
8. Covered policy. "Covered policy" means a policy or contract or portion of a policy or contract for which coverage is provided under section
4603.
[2005, c. 346, §5 (new); §16 (aff).]
9. Extra-contractual claims. "Extra-contractual claims" includes, for example, claims relating to bad faith in the payment of claims, punitive or exemplary
damages or attorney's fees and costs.
[2005, c. 346, §5 (new); §16 (aff).]
10. Impaired insurer. "Impaired insurer" means a member insurer that, after the effective date of this section, is not an insolvent insurer and
is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.
[2005, c. 346, §5 (new); §16 (aff).]
11. Insolvent insurer. "Insolvent insurer" means a member insurer that, after the effective date of this section, is placed under an order of liquidation
by a court of competent jurisdiction with a finding of insolvency.
[2005, c. 346, §5 (new); §16 (aff).]
12. Member insurer. "Member insurer" means an insurer that is licensed or that holds a certificate of authority to transact in this State any
kind of insurance for which coverage is provided under section 4603 and includes an insurer whose license or certificate of
authority in this State may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include:
A. A hospital or medical service organization, whether profit or nonprofit;
[2005, c. 346, §5 (new); §16 (aff).]
B. A health maintenance organization;
[2005, c. 346, §5 (new); §16 (aff).]
C. A fraternal benefit society;
[2005, c. 346, §5 (new); §16 (aff).]
D. A mandatory state pooling plan;
[2005, c. 346, §5 (new); §16 (aff).]
E. A mutual assessment company or other person that operates on an assessment basis;
[2005, c. 346, §5 (new); §16 (aff).]
F. An insurance exchange;
[2005, c. 346, §5 (new); §16 (aff).]
G. An organization that has a certificate or license limited to the issuance of charitable gift annuities under this Title;
or
[2005, c. 346, §5 (new); §16 (aff).]
H. An entity similar to any of those listed in this subsection.
[2005, c. 346, §5 (new); §16 (aff).]
[2005, c. 346, §5 (new); §16 (aff).]
13. Moody's Corporate Bond Yield Average. "Moody's Corporate Bond Yield Average" means the monthly average corporates as published by Moody's Investors Service, Inc.,
or any successor to that index.
[2005, c. 346, §5 (new); §16 (aff).]
14. Owner. "Owner" with respect to a policy or contract and "policy owner" and "contract owner" mean the person who is identified as
the legal owner under the terms of the policy or contract or who is otherwise vested with legal title to the policy or contract
through a valid assignment completed in accordance with the terms of the policy or contract and properly recorded as the owner
on the books of the insurer. "Owner," "contract owner" and "policy owner" do not include persons with a mere beneficial interest
in a policy or contract.
[2005, c. 346, §5 (new); §16 (aff).]
15. Person. "Person" means an individual, corporation, limited liability company, partnership, association, governmental body or entity
or voluntary organization.
[2005, c. 346, §5 (new); §16 (aff).]
16. Premiums. "Premiums" means amounts or considerations by whatever name called received on covered policies or contracts less returned
premiums, considerations and deposits and less dividends and experience credits. "Premiums" does not include amounts or considerations
received for policies or contracts or for the portions of policies or contracts for which coverage is not provided under section
4603, except that assessable premiums may not be reduced on account of the provisions of section 4603 relating to interest
limitations and relating to limitations with respect to one individual, one participant and one contract owner. "Premiums"
does not include:
A. Premiums on an unallocated annuity contract; or
[2005, c. 346, §5 (new); §16 (aff).]
B. With respect to multiple nongroup policies of life insurance owned by one owner, whether the policy owner is an individual,
firm, corporation or other person, and whether the persons insured are officers, managers, employees or other persons, premiums
in excess of $5,000,000 with respect to these policies or contracts, regardless of the number of policies or contracts held
by the owner.
[2005, c. 346, §5 (new); §16 (aff).]
[2005, c. 346, §5 (new); §16 (aff).]
17. Principal place of business. "Principal place of business" has the following meaning.
A. "Principal place of business" of a plan sponsor or a person other than a natural person means the single state in which
the natural persons who establish policy for the direction, control and coordination of the operations of the entity as a
whole primarily exercise that function, determined by the association in its reasonable judgment by considering the following
factors:
(1) The state in which the primary executive and administrative headquarters of the entity is located;
(2) The state in which the principal office of the chief executive officer of the entity is located;
(3) The state in which the board of directors of the entity or similar governing body of the entity conducts the majority
of its meetings;
(4) The state in which the executive or management committee of the board of directors of the entity or similar governing
body of the entity conducts the majority of its meetings;
(5) The state from which the management of the overall operations of the entity is directed; and
(6) In the case of a benefit plan sponsored by affiliated companies comprising a consolidated corporation, the state in
which the holding company or controlling affiliate has its principal place of business as determined using the factors listed
in subparagraphs (1) to (5). However, in the case of a plan sponsor, if more than 50% of the participants in the benefit
plan are employed in a single state, that state is deemed to be the principal place of business of the plan sponsor.
[2005, c. 346, §5 (new); §16 (aff).]
B. The principal place of business of a plan sponsor of a benefit plan is deemed to be the principal place of business of the
association, committee, joint board of trustees or other similar group of representatives of the parties who establish or
maintain the benefit plan, which, in lieu of a specific or clear designation of a principal place of business, is deemed to
be the principal place of business of the employer or employee organization that has the largest investment in the benefit
plan in question.
[2005, c. 346, §5 (new); §16 (aff).]
[2005, c. 346, §5 (new); §16 (aff).]
18. Receivership court. "Receivership court" means the court in the impaired or insolvent insurer's state having jurisdiction over the conservation,
rehabilitation or liquidation of the insurer.
[2005, c. 346, §5 (new); §16 (aff).]
19. Resident. "Resident" means a person to whom a contractual obligation is owed and who resides in this State on the date of entry of
a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer
to be an insolvent insurer, whichever occurs first. A person may be a resident of only one state, which in the case of a
person other than a natural person is its principal place of business. Citizens of the United States that are either residents
of foreign countries or residents of United States possessions, territories or protectorates that do not have an association
similar to the association created by this chapter are deemed residents of the state of domicile of the insurer that issued
the policies or contracts.
[2005, c. 346, §5 (new); §16 (aff).]
20. Structured settlement annuity. "Structured settlement annuity" means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant
in payment for or with respect to personal injury suffered by the plaintiff or other claimant.
[2005, c. 346, §5 (new); §16 (aff).]
21. State. "State" means a state, the District of Columbia, Puerto Rico or a United States possession, territory or protectorate.
[2005, c. 346, §5 (new); §16 (aff).]
22. Supplemental contract. "Supplemental contract" means a written agreement entered into for the distribution of proceeds under a life, health or annuity
policy or contract.
[2005, c. 346, §5 (new); §16 (aff).]
23. Unallocated annuity contract. "Unallocated annuity contract" means an annuity contract or group annuity certificate that is not issued to and owned by
an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or
certificate.
[2005, c. 346, §5 (new); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4605. Definitions (REPEALED)
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4605. Definitions (REPEALED)
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4606. Creation of the association
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4606. Creation of the association
1. Creation. There is created a nonprofit legal entity to be known as the Maine Life and Health Insurance Guaranty Association. All member
insurers must be and remain members of the association as a condition of their authority to transact insurance in this State.
The association shall perform its functions under the plan of operation established and approved under section 4610 and shall
exercise its powers through a board of directors established under section 4607. For purposes of administration and assessment,
the association shall maintain 3 accounts:
A. The health insurance account;
[1983, c. 846 (new).]
B. The life insurance account; and
[1983, c. 846 (new).]
C. The annuity account, which must include annuity contracts owned by a governmental retirement plan or its trustee established
under Section 401, Section 403(b) or Section 457 of the United States Internal Revenue Code.
[2005, c. 346, §6 (amd); §16 (aff).]
[2005, c. 346, §6 (amd); §16 (aff).]
2. Supervision of association. The association is under the immediate supervision of the superintendent and is subject to the applicable provisions of the
insurance laws of this State. Meetings or records of the association may be open to the public upon majority vote of the
board of directors of the association.
[2005, c. 346, §6 (amd); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4607. Board of directors
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4607. Board of directors
1. Membership. The board of directors of the association must consist of not less than 5 nor more than 9 members representing member insurers
serving terms as established in the plan of operation pursuant to section 4610. The members of the board are selected by member
insurers subject to the approval of the superintendent. Vacancies on the board must be filled for the remaining period of
the term in the manner described in the plan of operation. To select the initial board of directors and initially organize
the association, the superintendent shall give notice to all member insurers of the time and place of the organizational meeting.
In determining voting rights at the organizational meeting each member insurer is entitled to one vote in person or by proxy.
If the board of directors is not selected within 60 days after notice of the organizational meeting, the superintendent may
appoint the initial members.
[2005, c. 346, §6 (amd); §16 (aff).]
2. Appointments; representation of member insurers. In approving selections or in appointing members to the board, the superintendent shall consider, among other things, whether
all member insurers are fairly represented.
[1983, c. 846 (new).]
3. Reimbursement. Members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the
board of directors, but members of the board may not otherwise be compensated by the association for their services.
[2005, c. 346, §6 (amd); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4608. Powers and duties of the association
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4608. Powers and duties of the association
In addition to the powers and duties enumerated in other sections of this chapter:
[1983, c. 846 (new).]
1. Impaired insurer; association action. If a member insurer is an impaired insurer, the association may, subject to any fair and equitable conditions imposed by
the association that do not impair the contractual obligations of the impaired insurer and that are approved by the superintendent:
A. Guarantee, assume or reinsure, or cause to be guaranteed, assumed or reinsured all the covered policies of the impaired
insurer; or
[2005, c. 346, §6 (amd); §16 (aff).]
B. Provide such money, pledges, loans, notes, guarantees or other means as are proper to effectuate paragraph A and assure
payment of the appropriate contractual obligations of the impaired insurer pending action under paragraph A.
[2005, c. 346, §6 (amd); §16 (aff).]
C.
[2005, c. 346, §6 (rp); §16 (aff).]
[2005, c. 346, §6 (amd); §16 (aff).]
2. Foreign or alien impaired insurer; association action prior to final order of liquidation, rehabilitation or conservation.
[2005, c. 346, §6 (rp); §16 (aff).]
3. Domestic impaired insurer under final order of liquidation or rehabilitation; association action.
[2005, c. 346, §6 (rp); §16 (aff).]
3-A. Impaired and insolvent insurer; association action. If a member insurer is an insolvent insurer, the association may, in its discretion, either:
A. Take the following actions:
(1) Guarantee, assume or reinsure or cause to be guaranteed, assumed or reinsured the policies or contracts of the insolvent
insurer, or assure payment of the contractual obligations of the insolvent insurer; and
(2) Provide money, pledges, loans, notes, guarantees or other means reasonably necessary to discharge the association's duties;
or
[2005, c. 346, §6 (new); §16 (aff).]
B. Provide benefits and coverages in accordance with this paragraph.
(1) With respect to life and health insurance policies and annuities, the association shall assure payment of benefits for
premiums identical to the premiums and benefits, except for terms of conversion and renewability, that would have been payable
under the policies or contracts of the insolvent insurer, for claims incurred:
(a) With respect to group policies and contracts, not later than the earlier of the next renewal date under those policies
or contracts or 45 days, but in no event less than 30 days, after the date on which the association becomes obligated with
respect to the policies and contracts; and
(b) With respect to nongroup policies, contracts and annuities, not later than the earlier of the next renewal date if any
under the policies or contracts and one year, but in no event less than 30 days, after the date on which the association becomes
obligated with respect to the policies or contracts.
(2) The association shall make diligent efforts to provide all known insureds or annuitants for nongroup policies and contracts,
or group policy owners with respect to group policies and contracts, 30 days' notice of the termination of the benefits provided.
(3) With respect to nongroup life and health insurance policies and annuities covered by the association, the association
shall make available to each known insured or annuitant, or owner if other than the insured or annuitant, and, with respect
to an individual formerly insured or formerly an annuitant under a group policy who is not eligible for replacement group
coverage, make available substitute coverage on an individual basis in accordance with the provisions of subparagraph (4),
if the insureds or annuitants had a right under law or the terminated policy or annuity to convert coverage to individual
coverage or to continue an individual policy or annuity in force until a specified age or for a specified time, during which
the insurer had no right unilaterally to make changes in any provision of the policy or annuity or had a right only to make
changes in premium by class.
(4) In providing substitute coverage, the association may offer either to reissue the terminated coverage or to issue an
alternative policy in accordance with the following:
(a) Alternative or reissued policies must be offered without requiring evidence of insurability and may not provide for
any waiting period or exclusion that would not have applied under the terminated policy;
(b) The association may reinsure any alternative or reissued policy;
(c) Alternative policies adopted by the association are subject to the approval of the superintendent and the receivership
court. The association may adopt alternative policies of various types for future issuance without regard to any particular
impairment or insolvency;
(d) Alternative policies must contain at least the minimum statutory provisions required in this State and provide benefits
that are not unreasonable in relation to the premium charged. The association shall set the premium in accordance with a
table of rates that it adopts. The premium must reflect the amount of insurance to be provided and the age and class of risk
of each insured, but may not reflect any changes in the health of the insured after the original policy was last underwritten;
and
(e) Any alternative policy issued by the association must provide coverage of a type similar to that of the policy issued
by the impaired or insolvent insurer, as determined by the association.
(5) If the association elects to reissue terminated coverage at a premium rate different from that charged under the terminated
policy, the premium must be set by the association in accordance with the amount of insurance provided and the age and class
of risk, subject to approval of the superintendent and the receivership court.
(6) The association's obligations with respect to coverage under any policy of the impaired or insolvent insurer or under
any reissued or alternative policy must cease on the date the coverage or policy is replaced by another similar policy by
the policy owner, the insured or the association.
(7) When proceeding under this paragraph with respect to a policy or contract carrying guaranteed minimum interest rates,
the association shall assure the payment or crediting of a rate of interest consistent with section 4603.
(8) Nonpayment of premiums within 31 days after the date required under the terms of any guaranteed, assumed, alternative
or reissued policy or contract or substitute coverage terminates the association's obligations under the policy or coverage
under this chapter with respect to the policy or coverage, except with respect to any claims incurred or any net cash surrender
value that may be due in accordance with the provisions of this chapter.
(9) Premiums due for coverage after entry of an order of liquidation of an insolvent insurer belong to and are payable at
the direction of the association, and the association is liable for unearned premiums due to policy or contract owners arising
after the entry of the order.
(10) The protection provided by this chapter does not apply when any guaranty protection is provided to residents of this
State by the laws of the domiciliary state or jurisdiction of the impaired or insolvent insurer other than this State.
[2005, c. 346, §6 (new); §16 (aff).]
[2005, c. 346, §6 (new); §16 (aff).]
4. Foreign or alien impaired insurer under final order of liquidation, rehabilitation or conservation; association action.
[2005, c. 346, §6 (rp); §16 (aff).]
5. Policy liens; contract liens; moratoriums on payments.
[2005, c. 346, §6 (rp); §16 (aff).]
5-A. Policy liens; contract liens; moratoriums on payments. In carrying out its duties under subsection 3-A, the association may:
A. Subject to approval by a court in this State, impose permanent policy or contract liens in connection with a guarantee,
assumption or reinsurance agreement, if the association finds that the amounts that can be assessed under this chapter are
less than the amounts needed to assure full and prompt performance of the association's duties under this chapter or that
the economic or financial conditions as they affect member insurers are sufficiently adverse to render the imposition of such
permanent policy or contract liens to be in the public interest; and
[2005, c. 346, §6 (new); §16 (aff).]
B. Subject to approval by a court in this State, impose temporary moratoriums or liens on payments of cash values and policy
loans or on any other right to withdraw funds held in conjunction with policies or contracts, in addition to any contractual
provisions for deferral of cash or policy loan value. In addition, in the event of a temporary moratorium or moratorium charge
imposed by the receivership court on payment of cash values or policy loans or on any other right to withdraw funds held in
conjunction with policies or contracts, out of the assets of the impaired or insolvent insurer, the association may defer
the payment of cash values, policy loans or other rights by the association for the period of the moratorium or moratorium
charge imposed by the receivership court, except for claims covered by the association to be paid in accordance with a hardship
procedure established by the liquidator or rehabilitator and approved by the receivership court.
[2005, c. 346, §6 (new); §16 (aff).]
[2005, c. 346, §6 (new); §16 (aff).]
6. Association liability. The association has no liability under this section for any covered policy of a foreign or alien insurer whose domiciliary
jurisdiction or state of entry provides by statute for residents of this State protection substantially similar to that provided
by this chapter for residents of other states.
[2005, c. 346, §6 (amd); §16 (aff).]
6-A. Failure to act. If the association fails to act within a reasonable period of time with respect to an insolvent insurer, as provided in subsection
3-A, the superintendent has the powers and duties of the association under this chapter with respect to the insolvent insurer.
[2005, c. 346, §6 (new); §16 (aff).]
6-B. Retention of deposit; final order of liquidation or rehabilitation plan. A deposit in this State, held pursuant to law or required by the superintendent for the benefit of creditors, including
policy owners, not turned over to the domiciliary liquidator upon the entry of a final order of liquidation or order approving
a rehabilitation plan of an insurer domiciled in this State or in a reciprocal state, pursuant to this Title must be promptly
paid to the association. The association is entitled to retain a portion of any amount so paid to it equal to the percentage
determined by dividing the aggregate amount of policy owners' claims related to that insolvency for which the association
has provided statutory benefits by the aggregate amount of all policy owners' claims in this State related to that insolvency
and shall remit to the domiciliary receiver the amount so paid to the association and not retained pursuant to this subsection.
Any amount so paid to the association less the amount not retained by it must be treated as a distribution of estate assets
pursuant to chapter 57 or similar provision of the state of domicile of the impaired or insolvent insurer.
[2005, c. 346, §6 (new); §16 (aff).]
7. Assistance and advice to superintendent. The association may render assistance and advice to the superintendent, upon the superintendent's request, concerning rehabilitation,
payment of claims, continuations of coverage or the performance of other contractual obligations of any impaired or insolvent
insurer.
[2005, c. 346, §6 (amd); §16 (aff).]
8. Standing to appear before court. The association has standing to appear or intervene before any court or agency in this State with jurisdiction over an impaired
or insolvent insurer concerning which the association is or may become obligated under this chapter or with jurisdiction over
any person or property against whom the association may have rights through subrogation or otherwise. This standing extends
to all matters germane to the powers and duties of the association, including, but not limited to, proposals for reinsuring,
modifying or guaranteeing the covered policies or contracts and contractual obligations of the impaired or insolvent insurer
and the determination of the covered policies or contracts and contractual obligations. The association also has the right
to appear or intervene before a court or agency in another state with jurisdiction over an impaired or insolvent insurer for
which the association is or may become obligated or with jurisdiction over any person or property against whom the association
may have rights through subrogation or otherwise.
[2005, c. 346, §6 (amd); §16 (aff).]
9. Subrogation rights. Any person receiving benefits under this chapter is deemed to have assigned that person's rights under, and any causes of
action against any person for losses arising under, resulting from or otherwise relating to, the covered policy or contract
to the association to the extent of the benefits received because of this chapter whether the benefits are payments of or
on account of contractual obligations, continuation of coverage or provision of substitute or alternative coverages. The association
may require an assignment to it of these rights and cause of action by any payee, policy or contract owner, beneficiary, insured
or annuitant as a condition precedent to the receipt of any rights or benefits conferred by this chapter upon that person.
The association is subrogated to these rights against the assets of any impaired or insolvent insurer.
The subrogation rights of the association under this subsection must have the same priority against the assets of the impaired
or insolvent insurer as that possessed by the person entitled to receive benefits under this chapter.
In addition, the association has all common law rights of subrogation and any other equitable or legal remedy that would have
been available to the impaired or insolvent insurer or owner, beneficiary or payee of a policy or contract with respect to
the policy or contract, including without limitation, in the case of a structured settlement annuity, any rights of the owner,
beneficiary or payee of the annuity, to the extent of benefits received pursuant to this chapter, against a person originally
or by succession responsible for the losses arising from the personal injury relating to the annuity or payment therefor,
excepting any such person responsible solely by reason of serving as an assignee in respect of a qualified assignment under
Section 130 of the federal Internal Revenue Code.
If the provisions of this subsection are invalid or ineffective with respect to any person or claim for any reason, the amount
payable by the association with respect to the related covered obligations must be reduced by the amount realized by any other
person with respect to the person or claim that is attributable to the policies or portion thereof covered by the association.
If the association has provided benefits with respect to a covered obligation and a person recovers amounts as to which the
association has rights as described in this subsection, the person shall pay to the association the portion of the recovery
attributable to the policies or portion thereof covered by the association.
[2005, c. 346, §6 (amd); §16 (aff).]
10. Association's contractual obligation; impaired insurer.
[2005, c. 346, §6 (rp); §16 (aff).]
11. Other powers. The association may:
A. Enter into such contracts as are necessary or proper to carry out the provisions and purposes of this chapter;
[1983, c. 846 (new).]
B. Subject to the provisions of section 4617, sue or be sued, including taking any legal actions necessary or proper for recovery
of any unpaid assessments under section 4609 or to settle claims or potential claims against it;
[2005, c. 346, §6 (amd); §16 (aff).]
C. Borrow money to effect the purposes of this chapter. Any notes or other evidence of indebtedness of the association not
in default are legal investments for domestic insurers and may be carried as admitted assets;
[2005, c. 346, §6 (amd); §16 (aff).]
D. Employ or retain such persons as are necessary or appropriate to handle the financial transactions of the association and
to perform such other functions as become necessary or proper under this chapter;
[2005, c. 346, §6 (amd); §16 (aff).]
E. Negotiate and contract with any liquidator, rehabilitator, conservator or ancillary receiver to carry out the powers and
duties of the association;
[1983, c. 846 (new).]
F. Take such legal action as may be necessary to avoid or recover payment of improper claims;
[2005, c. 346, §6 (amd); §16 (aff).]
G. Exercise, for the purposes of this chapter and to the extent approved by the superintendent, the powers of a domestic life
or health insurer, but in no case may the association issue insurance policies or annuity contracts other than those issued
to perform the contractual obligations of the impaired insurer;
[2005, c. 346, §6 (amd); §16 (aff).]
H. Organize itself as a corporation or in other legal form permitted by the laws of this State;
[2005, c. 346, §6 (new); §16 (aff).]
I. Request information from a person seeking coverage from the association in order to aid the association in determining its
obligations under this chapter with respect to the person, and the person shall promptly comply with the request;
[2005, c. 346, §6 (new); §16 (aff).]
J. Join an organization of one or more other state associations of similar purposes, to further the purposes and administer
the powers and duties of the association; and
[2005, c. 346, §6 (new); §16 (aff).]
K. Take necessary or appropriate action to discharge its duties and obligations under this chapter or to exercise its powers
under this chapter.
[2005, c. 346, §6 (new); §16 (aff).]
[2005, c. 346, §6 (amd); §16 (aff).]
12. Reinsurance of obligations; election by association. At any time within one year after the date on which the association becomes responsible for the obligations of a member
insurer, the association may elect to succeed to the rights and obligations of the member insurer that accrue on or after
the coverage date and that relate to contracts covered in whole or in part by the association under any one or more indemnity
reinsurance agreements entered into by the member insurer as a ceding insurer and selected by the association. However, the
association may not exercise an election with respect to a reinsurance agreement if the receiver, rehabilitator or liquidator
of the member insurer has previously and expressly disaffirmed the reinsurance agreement. The election is effected by a notice
to the receiver, rehabilitator or liquidator and to the affected reinsurers. If the association makes an election, the following
requirements apply with respect to the agreements selected by the association.
A. For contracts covered in whole or in part by the association, the association is responsible for all unpaid premiums due
under the agreements for periods both before and after the coverage date and for the performance of all other obligations
to be performed after the coverage date. The association may charge contracts covered in part by the association, through
reasonable allocation methods, the costs for reinsurance in excess of the obligations of the association.
[2005, c. 346, §6 (new); §16 (aff).]
B. The association is entitled to any amounts payable by the reinsurer under the agreements with respect to losses or events
that occur in periods after the coverage date and that relate to contracts covered by the association in whole or in part,
except that, upon receipt of any such amounts, the association is obliged to pay to the beneficiary under the policy or contract
on account of which the amounts were paid a portion of the amount equal to the excess of the amount received by the association
over the benefits paid by the association on account of the policy or contract less the retention of the impaired or insolvent
insurer applicable to the loss or event.
[2005, c. 346, §6 (new); §16 (aff).]
C. Within 30 days following the association's election, the association and each indemnity reinsurer shall calculate the net
balance due to or from the association under each reinsurance agreement as of the date of the association's election, giving
full credit to all items paid by either the member insurer or its receiver, rehabilitator or liquidator or the indemnity reinsurer
during the period between the coverage date and the date of the association's election. Either the association or indemnity
reinsurer shall pay the net balance due the other within 5 days of the completion of the calculation. If the receiver, rehabilitator
or liquidator has received any amounts due the association pursuant to paragraph B, the receiver, rehabilitator or liquidator
shall remit them to the association as promptly as practicable.
[2005, c. 346, §6 (new); §16 (aff).]
D. If the association, within 60 days of the election, pays the premiums due for periods both before and after the coverage
date that relate to contracts covered by the association in whole or in part, the reinsurer is not entitled to terminate the
reinsurance agreements insofar as the agreements relate to contracts covered by the association in whole or in part and is
not entitled to set off any unpaid premium due for periods prior to the coverage date against amounts due the association.
[2005, c. 346, §6 (new); §16 (aff).]
E. In the event the association transfers its obligations to another insurer and if the association and the other insurer agree,
the other insurer must succeed to the rights and obligations of the association under this chapter effective as of the date
agreed upon by the association and the other insurer and regardless of whether the association has made the election referred
to in this subsection, except that:
(1) The indemnity reinsurance agreements automatically terminate for new reinsurance unless the indemnity reinsurer and
the other insurer agree to the contrary; and
(2) The obligations described in this chapter no longer apply on and after the date the indemnity reinsurance agreement
is transferred to the 3rd-party insurer.
This paragraph does not apply if the association has previously expressly determined in writing that it will not exercise
the election.
[2005, c. 346, §6 (new); §16 (aff).]
F. This subsection supersedes the provisions of any law of this State or of any affected reinsurance agreement that provides
for or requires any payment of reinsurance proceeds, on account of losses or events that occur in periods after the coverage
date, to the receiver, liquidator or rehabilitator of an insolvent insurer. The receiver, rehabilitator or liquidator is
entitled to any amounts payable by the reinsurer under the reinsurance agreement with respect to losses or events that occur
in periods prior to the coverage date subject to applicable set-off provisions.
[2005, c. 346, §6 (new); §16 (aff).]
G. Except as otherwise expressly provided, this subsection does not alter or modify the terms and conditions of the indemnity
reinsurance agreements of an insolvent insurer. This subsection may not be construed to abrogate or limit any rights of any
reinsurer to claim that it is entitled to rescind a reinsurance agreement. This subsection may not be construed to give a
policy owner or beneficiary an independent cause of action against an indemnity reinsurer that is not otherwise set forth
in the indemnity reinsurance agreement.
[2005, c. 346, §6 (new); §16 (aff).]
[2005, c. 346, §6 (new); §16 (aff).]
13. Discretion. The board of directors of the association has discretion and may exercise reasonable business judgment to determine the
means by which the association is to provide the benefits of this chapter in an economical and efficient manner.
[2005, c. 346, §6 (new); §16 (aff).]
14. No additional benefits. When the association has arranged or offered to provide the benefits of this chapter to a covered person under a plan or
arrangement that fulfills the association's obligations under this chapter, the person is not entitled to benefits from the
association in addition to or other than those provided under the plan or arrangement.
[2005, c. 346, §6 (new); §16 (aff).]
15. Venue. Venue in a suit against the association arising under this chapter is Kennebec County. The association may not be required
to give an appeal bond in an appeal that relates to a cause of action arising under this chapter.
[2005, c. 346, §6 (new); §16 (aff).]
16. Issuance of substitute coverage. In carrying out its duties in connection with guaranteeing, assuming or reinsuring policies or contracts under this section,
the association may, subject to approval of the receivership court, issue substitute coverage for a policy or contract that
provides an interest rate, crediting rate or similar factor determined by use of an index or other external reference stated
in the policy or contract employed in calculating returns or changes in value by issuing an alternative policy or contract
in accordance with this subsection.
A. In lieu of the index or other external reference provided for in the original policy or contract, the alternative policy
or contract must provide for:
(1) A fixed interest rate;
(2) Payment or dividends with minimum guarantees; or
(3) A different method for calculating interest or changes in value.
[2005, c. 346, §6 (new); §16 (aff).]
B. There may not be a requirement for evidence of insurability, waiting period or other exclusion that would not have applied
under the replaced policy or contract.
[2005, c. 346, §6 (new); §16 (aff).]
C. The alternative policy or contract must be substantially similar to the replaced policy or contract in all other material
terms.
[2005, c. 346, §6 (new); §16 (aff).]
[2005, c. 346, §6 (new); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4609. Assessments
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4609. Assessments
1. Assessments; collection. For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors
shall assess the member insurers, separately for each account, at such times and for such amounts as the board finds necessary.
Assessments are due not less than 30 days after prior written notice to the member insurers and accrue interest at 10% annually
on and after the due date.
[2005, c. 346, §7 (amd); §16 (aff).]
2. Classes of assessments.
[2005, c. 346, §7 (rp); §16 (aff).]
2-A. Classes of assessments. There are 2 classes of assessments, as set out in this subsection.
A. Class A assessments are authorized and called for the purpose of meeting administrative costs and other general expenses.
Class A assessments may be authorized and called whether or not related to a particular impaired or insolvent insurer.
[2005, c. 346, §7 (new); §16 (aff).]
B. Class B assessments are authorized and called to the extent necessary to carry out the powers and duties of the association
under section 4608 with regard to an impaired or an insolvent insurer.
[2005, c. 346, §7 (new); §16 (aff).]
[2005, c. 346, §7 (new); §16 (aff).]
3. Determination of assessments.
[2005, c. 346, §7 (rp); §16 (aff).]
3-A. Determination of assessments. Assessments must be determined as follows:
A. The amount of any Class A assessment, as described in subsection 2-A, for each account must be determined by the board of
directors and may be authorized and called on a pro rata or non-pro rata basis. The amount of any Class B assessment, as
described in subsection 2-A, must be allocated for assessment purposes among the accounts pursuant to an allocation formula
that may be based on the premiums or reserves of the impaired or insolvent insurer or any other standard determined by the
board in its sole discretion as being fair and reasonable under the circumstances. This paragraph may not be a factor in
the determination as to whether the protection provided by laws for residents of this State by the domiciliary jurisdiction
of a foreign or alien insurer is or is not substantially similar to the protection provided by this chapter for residents
of other states.
[2005, c. 346, §7 (new); §16 (aff).]
B. Class A assessments, as described in subsection 2-A, against member insurers for each account must be in the proportion
that the premiums received on business in this State by each assessed member insurer on policies or contracts covered by each
account for the calendar year for which information is available preceding the year in which the insurer became insolvent
or, in the case of an assessment with respect to an impaired insurer, the calendar year for which information is available
preceding the year in which the insurer became impaired bears to premiums received on business in this State for the calendar
year by all assessed member insurers.
[2005, c. 346, §7 (new); §16 (aff).]
C. Class B assessments, as described in subsection 2-A, against member insurers for each account must be in the proportion
that the premiums received on business in this State by each assessed member insurer on policies or contracts covered by each
account for the calendar year for which information is available preceding the year in which the insurer became insolvent
or, in the case of an assessment with respect to an impaired insurer, the calendar year for which information is available
preceding the year in which the insurer became impaired bears to premiums received on business in this State for the calendar
year by all assessed member insurers.
[2005, c. 346, §7 (new); §16 (aff).]
D. Assessments for funds to meet the requirements of the association with respect to an impaired or insolvent insurer may not
be authorized or called until necessary to implement the purposes of this chapter. Classification of assessments under subsection
2-A and computation of assessments under this paragraph must be made with a reasonable degree of accuracy, recognizing that
exact determinations may not always be possible.
[2005, c. 346, §7 (new); §16 (aff).]
[2005, c. 346, §7 (new); §16 (aff).]
4. Abatement or deferral of assessments. The association may abate or defer, in whole or in part, the assessment of a member insurer if, in the opinion of the board
of directors, payment of the assessment would endanger the ability of the member insurer to fulfill its contractual obligations.
Once the conditions that caused a deferral have been removed or rectified, the member insurer shall pay all assessments that
were deferred pursuant to a repayment plan approved by the association. The total of all assessments upon a member insurer
for each account may not in any one calendar year exceed 2% of the insurer's premiums in this State on the policies covered
by the account.
[2005, c. 346, §7 (amd); §16 (aff).]
5. Additional assessment for abatements or deferrals. In the event an assessment against a member insurer is abated or deferred, in whole or in part, because of the limitations
set forth in subsection 4, the amount by which the assessment is abated or deferred must be assessed against the other member
insurers in a manner consistent with the basis for assessments set forth in this section.
[2005, c. 346, §7 (amd); §16 (aff).]
6. Refunds. The board of directors may, by an equitable method as established in the plan of operation, refund to member insurers, in
proportion to the contribution of each insurer to that account, the amount by which the assets of the account exceed the amount
the board finds is necessary to carry out during the coming year the obligations of the association with regard to that account,
including assets accruing from net realized gains and income from investments. A reasonable amount may be retained in any
account to provide funds for the continuing expenses of the association and for future losses if refunds are impractical.
[2005, c. 346, §7 (amd); §16 (aff).]
7. Consideration of assessments in determining premium rates and dividends. It is proper for any member insurer in determining its premium rates and policyowner dividends as to any kind of insurance
within the scope of this chapter, to consider the amount reasonably necessary to meet its assessment obligations under this
chapter.
[2005, c. 346, §7 (amd); §16 (aff).]
8. Assessment shortfalls. If the maximum assessment, together with the other assets of the association in any account, does not provide in any one
year in any one account an amount sufficient to make all necessary payments from that account, the shortfall must be assessed
as an obligation of the other accounts of the association. Each member insurer's assessment must be in the proportion that
its premium for the calendar year preceding the assessment on the kinds of insurance in the accounts to be assessed bears
to the total premium of all member insurers for the same calendar year on the kinds of insurance in those accounts. The total
of assessments against a member insurer for shortfalls under this section and section 4440 in any one calendar year may not
exceed 2% of that member insurer's premiums in this State or for policies covered by the account.
[2005, c. 346, §7 (amd); §16 (aff).]
9. Certificate of contribution. The association shall issue to each insurer paying an assessment under this chapter, other than a Class A assessment, a certificate
of contribution, in a form prescribed by the superintendent, for the amount of the assessment so paid. All outstanding certificates
are of equal dignity and priority without reference to amounts or dates of issue.
[2005, c. 346, §7 (new); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4610. Plan of operation
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4610. Plan of operation
1. Establishment of plan. A plan of operation shall be established as follows.
A. The association shall submit to the superintendent a plan of operation and any amendments thereto necessary or suitable
to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto
shall become effective upon approval in writing by the superintendent.
[1983, c. 846 (new).]
B. If the association fails to submit a suitable plan of operation within 180 days following the effective date of this chapter
or if at any time thereafter the association fails to submit suitable amendments to the plan, the superintendent shall, after
notice and hearing, adopt and promulgate such reasonable rules as are necessary or advisable to effectuate the provisions
of this chapter. These rules shall continue in force until modified by the superintendent or superseded by a plan submitted
by the association and approved by the superintendent.
[1983, c. 846 (new).]
[1983, c. 846 (new).]
2. Compliance. All member insurers shall comply with the plan of operation.
[1983, c. 846 (new).]
3. Requirements of plan. The plan of operation shall, in addition to requirements enumerated elsewhere in this chapter:
A. Establish procedures for handling the assets of the association;
[1983, c. 846 (new).]
B. Establish the amount and method of reimbursing members of the board of directors under section 4607;
[1983, c. 846 (new).]
C. Establish regular places and times for meetings of the board of directors;
[1983, c. 846 (new).]
D. Establish procedures for records to be kept of all financial transactions of the association, its agents and the board of
directors;
[1983, c. 846 (new).]
E. Establish the procedures whereby selections for the board of directors will be made and submitted to the superintendent;
[1983, c. 846 (new).]
F. Establish any additional procedures for assessments under section 4609; and
[1983, c. 846 (new).]
G. Contain additional provisions necessary or proper for the execution of the powers and duties of the association.
[1983, c. 846 (new).]
[1983, c. 846 (new).]
4. Delegation of association powers and duties. The plan of operation may provide that any or all powers and duties of the association, except those under section 4608,
subsection 11, paragraph C and section 4609, are delegated to a corporation, association or other organization which performs
or will perform functions similar to those of this association, or its equivalent, in 2 or more states. Such a corporation,
association or organization shall be reimbursed for any payments made on behalf of the association and shall be paid for its
performance of any function of the association. A delegation under this paragraph shall take effect only with the approval
of both the board of directors and the superintendent and may be made only to a corporation, association or organization which
extends protection not substantially less favorable and effective than that provided by this chapter.
[1983, c. 846 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4611. Duties and powers of the superintendent
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4611. Duties and powers of the superintendent
In addition to the duties and powers enumerated elsewhere in this chapter:
[1983, c. 846 (new).]
1. Powers and duties. The superintendent shall:
A. Notify the board of directors of the existence of an impaired insurer not later than 3 days after a determination of impairment
or insolvency is made or the superintendent has received the notice of impairment or insolvency;
[2005, c. 346, §8 (amd); §16 (aff).]
B. Upon request of the board of directors, provide the association with a statement of the premiums in the appropriate states
for each member insurer;
[1983, c. 846 (new).]
C. When an impairment is determined, as defined in section 4605-A, subsection 10, and the amount of the impairment is determined,
serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer
constitutes notice to its shareholders, if any. The failure of the insurer to promptly comply with the demand does not excuse
the association from the performance of its powers and duties under this chapter; and
[2005, c. 346, §8 (amd); §16 (aff).]
D. In any liquidation or rehabilitation proceeding involving a domestic insurer, the superintendent shall be appointed as the
liquidator or rehabilitator, pursuant to chapter 57. If a foreign or alien member insurer is subject to a liquidation proceeding
in its domiciliary jurisdiction or state of entry other than this State, the superintendent may be appointed conservator or
an ancillary receiver.
[1983, c. 846 (new).]
[2005, c. 346, §8 (amd); §16 (aff).]
2. Suspension or revocation of certificate of authority to transact insurance. The superintendent may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in
this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation.
In lieu of such suspension or revocation, any member insurer which fails to pay an assessment when due or fails to comply
with the plan of operation may be punished by a fine not to exceed the greater of 5% of the unpaid assessment per month or
$100 per month.
[1983, c. 846 (new).]
3. Appeal of actions of board of directors or association. Any final action of the board of directors or the association may be appealed to the superintendent by any member insurer
if such appeal is taken within 30 days of the action being appealed. Any final action or order of the superintendent is subject
to judicial review pursuant to chapter 3.
[2005, c. 346, §9 (amd); §16 (aff).]
4. Notification of interested persons. The liquidator, rehabilitator or conservator of any impaired insurer may notify all interested persons of the effect of this
chapter.
[1983, c. 846 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4612-A. Prevention of impairments and insolvencies
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4612-A. Prevention of impairments and insolvencies
To aid in the detection and prevention of insurer impairments and insolvencies, the following provisions apply.
[2005, c. 346, §11 (new); §16 (aff).]
1. Action by superintendent. The superintendent shall:
A. Notify the insurance commissioners of all the other states, territories of the United States and the District of Columbia,
within 30 days following the action taken or the date the action occurs, when the superintendent takes any of the following
actions against a member insurer:
(1) Revokes a license;
(2) Suspends a license; or
(3) Makes a formal order that the member insurer restrict its premium writing, obtain additional contributions to surplus,
withdraw from the State, reinsure all or any part of its business or increase capital, surplus or any other account for the
security of policy owners or creditors.
[2005, c. 346, §11 (new); §16 (aff).]
B. Report to the board of directors when the superintendent has taken any of the actions set forth in paragraph A or has received
a report from any other insurance commissioner indicating that any such action has been taken in another state. The report
to the board of directors must contain all significant details of the action taken or the report received from another commissioner.
[2005, c. 346, §11 (new); §16 (aff).]
C. Report to the board of directors when the superintendent has reasonable cause to believe from an examination, whether completed
or in process, of any member insurer that the insurer may be an impaired or insolvent insurer.
[2005, c. 346, §11 (new); §16 (aff).]
D. Furnish to the board of directors the National Association of Insurance Commissioners Insurance Regulatory Information System
ratios and listings of companies not included in the ratios. The board may use the information contained therein in carrying
out its duties and responsibilities under this section. The report and the information contained therein must be kept confidential
by the board until such time as made public by the superintendent or other lawful authority.
[2005, c. 346, §11 (new); §16 (aff).]
[2005, c. 346, §11 (new); §16 (aff).]
2. Advice and recommendations. The superintendent may seek the advice and recommendations of the board of directors concerning any matter affecting the
duties and responsibilities of the superintendent regarding the financial condition of member insurers and companies seeking
admission to transact insurance business in this State.
[2005, c. 346, §11 (new); §16 (aff).]
3. Action by board of directors. The board of directors, upon majority ballot vote, shall:
A. Notify the superintendent of any information indicating any member insurer may be an impaired or insolvent insurer;
[2005, c. 346, §11 (new); §16 (aff).]
B. Make reports and recommendations to the superintendent upon any matter germane to the solvency, liquidation, rehabilitation
or conservation of any member insurer or germane to the solvency of any company seeking to do an insurance business in this
State. These reports and recommendations must be treated as confidential by the superintendent; and
[2005, c. 346, §11 (new); §16 (aff).]
C. Make recommendations to the superintendent for the detection and prevention of insurer insolvencies.
[2005, c. 346, §11 (new); §16 (aff).]
[2005, c. 346, §11 (new); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4612. Prevention of impairments (REPEALED)
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4612. Prevention of impairments (REPEALED)
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4613. Appointment of association nominee
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4613. Appointment of association nominee
The association may recommend a natural person to serve as a special deputy to act for the superintendent and under his supervision
in the liquidation, rehabilitation or conservation of any member insurer.
[1983, c. 846 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4614. Miscellaneous provisions
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4614. Miscellaneous provisions
1. Liability for unpaid assessments of insureds of an impaired insurer. Nothing in this chapter may be construed to reduce the liability for unpaid assessments of the insureds of an impaired insurer
operating under a plan with assessment liability.
[1983, c. 846 (new).]
2. Records. Records must be kept of all negotiations and meetings in which the association or its representatives are involved to discuss
the activities of the association in carrying out its powers and duties under section 4608. Records of the negotiations or
meetings may be made public only upon the termination of a liquidation, rehabilitation or conservation proceeding involving
the impaired or insolvent insurer, upon the termination of the impairment of the insurer, or upon the order of a court of
competent jurisdiction. Nothing in this subsection limits the duty of the association to render a report of its activities
under section 4615.
[2005, c. 346, §12 (amd); §16 (aff).]
3. Association deemed to be creditor of impaired or insolvent insurer. For the purpose of carrying out its obligations under this chapter, the association is deemed to be a creditor of the impaired
insurer to the extent of assets attributable to covered policies reduced by any amounts to which the association is entitled
as subrogee pursuant to section 4608, subsection 9. All assets of the impaired insurer attributable to covered policies must
be used to continue all covered policies and pay all contractual obligations of the impaired insurer as required by this chapter.
Assets attributable to covered policies, as used in this subsection, are to be construed as that proportion of the assets
that the reserves that should have been established for these policies bear to the reserve that should have been established
for all policies of insurance written by the impaired insurer.
As creditors of the impaired or insolvent insurer, the association and other similar associations are entitled to receive
a disbursement of assets out of the marshaled assets, from time to time as the assets become available to reimburse it, as
a credit against contractual obligations under this chapter. If the liquidator has not, within 120 days of a final determination
of insolvency of an insurer by the receivership court, made an application to the court for the approval of a proposal to
disburse assets out of marshaled assets to guaranty associations having obligations because of the insolvency, then the association
is entitled to make application to the receivership court for approval of its own proposal to disburse these assets.
[2005, c. 346, §12 (amd); §16 (aff).]
4. Factors considered in distributing assets. In distributing assets, the following factors must be considered.
A. Prior to the termination of any liquidation, rehabilitation or conservation proceeding, the court may take into consideration
the contributions of the respective parties, including the association, the shareholders and policy owners of the impaired
or insolvent insurer and any other party with a bona fide interest, in making an equitable distribution of the ownership rights
of the impaired or insolvent insurer. In such a determination, consideration must be given to the welfare of the policy owners
of the continuing or successor insurer.
[2005, c. 346, §12 (amd); §16 (aff).]
B. No distribution to stockholders, if any, of an impaired or insolvent insurer may be made until and unless the total amount
of assessments levied by the association with respect to the insurer have been fully recovered by the association.
[2005, c. 346, §12 (amd); §16 (aff).]
[2005, c. 346, §12 (amd); §16 (aff).]
5. Unfair trade practice.
[2005, c. 346, §12 (rp); §16 (aff).]
6. Recovery procedure; provisions. The recovery procedure must provide that:
A. If an order for liquidation or rehabilitation of an insurer domiciled in this State has been entered, the receiver appointed
under that order has a right to recover on behalf of the insurer, from any affiliate that controlled it, the amount of distributions,
other than stock dividends paid by the insurer on its capital stock, made at any time during the 5 years preceding the petition
for liquidation or rehabilitation subject to the limitations of paragraphs B to D;
[2005, c. 346, §12 (amd); §16 (aff).]
B. No distribution may be recoverable if the insurer shows that when paid the distribution was lawful and reasonable and that
the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the
insurer to fulfill its contractual obligations;
[2005, c. 346, §12 (amd); §16 (aff).]
C. Any person who was an affiliate that controlled the insurer at the time the distributions were paid is liable up to the
amount of distributions the person received. Any person who was an affiliate that controlled the insurer at the time the distributions
were declared is liable up to the amount of distributions the person would have received if they had been paid immediately.
If 2 or more persons are liable with respect to the same distributions they are jointly and severally liable;
[2005, c. 346, §12 (amd); §16 (aff).]
D. The maximum amount recoverable under this section is the amount needed in excess of all other available assets of the impaired
or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer on a fair and equitable basis;
and
[2005, c. 346, §12 (amd); §16 (aff).]
E. If any person liable under paragraph C is insolvent, all its affiliates that controlled it at the time the distribution
was paid are jointly and severally liable for any resulting deficiency in the amount recovered from the insolvent affiliate.
[2005, c. 346, §12 (amd); §16 (aff).]
[2005, c. 346, §12 (amd); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4615. Examination of the association; annual report
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4615. Examination of the association; annual report
The association shall be subject to examination and regulation by the superintendent. The board of directors shall submit
to the superintendent, not later than May 1st of each year, a financial report for the preceding calendar year in a form approved
by the superintendent and a report of its activities during the preceding calendar year.
[1983, c. 846 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4616. Tax exemptions
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4616. Tax exemptions
The association shall be exempt from payment of all fees and all taxes levied by this State or any of its subdivisions, except
taxes levied on real or personal property.
[1983, c. 846 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4617. Immunity
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4617. Immunity
There is no liability on the part of and no cause of action of any nature may arise against any member insurer or its agents
or employees, the association or its agents or employees, the board of directors or any member of the board or the superintendent
or the superintendent's representatives, for any act or omission by them in the performance of their powers and duties under
this chapter. Immunity extends to the participation in any organization of one or more other state associations of similar
purposes and to any such organization and its agents or employees.
[2005, c. 346, §12 (amd); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4618. Stay of proceedings; reopening default judgments
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4618. Stay of proceedings; reopening default judgments
All proceedings in which the impaired insurer is a party in any court in this State shall be stayed 60 days from the date
an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters
germane to its powers or duties. As to a judgment under any decision, order, verdict or finding based on default, the association
may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend against
the suit on the merits.
[1983, c. 846 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4619. Report to Legislature (REPEALED)
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4619. Report to Legislature (REPEALED)
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4620. Prohibited advertisement of association in insurance sales
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4620. Prohibited advertisement of association in insurance sales
A person, including an insurer or an agent or affiliate of an insurer, may not make, publish, disseminate, circulate or place
before the public or cause directly or indirectly to be made, published, disseminated, circulated or placed before the public
in any newspaper, magazine or publication or in the form of a notice, circular, pamphlet, letter or poster or over any radio
station or television station or in any other way any advertisement, announcement or statement, written or oral, that uses
the existence of the association for the purpose of sales, solicitation or inducement to purchases of any form of insurance
covered by this chapter. This section does not apply to the Maine Life and Health Insurance Guaranty Association or any other
entity that does not sell or solicit insurance.
[2005, c. 346, §14 (new); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §4621. Credits for assessments paid; tax offsets
Title 24-A: MAINE INSURANCE CODE
Chapter 62: MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
§4621. Credits for assessments paid; tax offsets
1. Credit allowed. A member insurer may offset against its premium tax liability to this State an assessment described in section 4609, subsection
2-A, paragraph B and for which a certificate under section 4609, subsection 9 is issued, to the extent of 20% of the amount
of the assessment for each of the 5 calendar years following the year in which the assessment was paid. In the event a member
insurer ceases doing business, all uncredited assessments may be credited against its premium tax liability for the year it
ceases doing business.
[2005, c. 346, §14 (new); §16 (aff).]
2. Refunds. Any sums that are acquired by refund, pursuant to section 4609, subsection 6, from the association by member insurers, and
that have been offset against premium taxes as provided in subsection 1, must be recaptured in such manner as required by
the State Tax Assessor under Title 36. The association shall notify the superintendent and the State Tax Assessor that refunds
have been made. The association also shall provide the State Tax Assessor with a list of all members who were issued refunds
and the dates and amounts of such refunds.
[2005, c. 346, §14 (new); §16 (aff).]
3. Application. This section applies to assessments paid to the association by a member insurer on or after January 1, 2005.
[2005, c. 346, §14 (new); §16 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
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