Maine Statutes
§ 24-A §1262 — Deficiency of deposit
If for any reason the market value of securities of an insurer held on deposit in this State as required under this Title falls below the required amount, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 20 days after receipt of notice thereof by registered mail from the superintendent, the superintendent shall forthwith revoke the insurer's certificate of authority.
Free access — add to your briefcase to read the full text and ask questions with AI
Maine § 24-A §1262 (Deficiency of deposit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
Nearby Sections
15
§ 24 §1
Insurance contract§ 24 §1002
Formation of corporation; guaranty fund; authority to write business; liability of policyholder§ 24 §1004
Assigned risks; reinsurance§ 24 §1008
Calls for payments; proceeds§ 24 §1012
Annual report; examinations§ 24 §1013
Filing fees§ 24 §1051
Automobile physical damage insurance