Maine § 24-A §3364 Contingent liability of members

Maine Statutes

§ 24-A §3364 — Contingent liability of members

Maine § 24-A §3364

Title 24-AMAINE INSURANCE CODE

Ch. 47ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS

This text of Maine § 24-A §3364 (Contingent liability of members) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 24-A, § 24-A §3364 (2026).

Text

1.Except as provided otherwise in section 3367 with respect to nonassessable policies, each member of a domestic mutual insurer has a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability may not be greater than 6 times the annual premium for the member's policy at the annual premium rate, as is specified in the insurer's articles of incorporation or bylaws.

2.Every policy issued by the insurer shall contain a plain and legible statement of the contingent liability upon either the face or back thereof.

3.Termination of the policy of any such member does not relieve the member of contingent liability for the member's proportion of the obligations of the insurer that accrued while the policy was in force.

4.Unrealized con

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Except as provided otherwise in section 3367 with respect to nonassessable policies, each member of a domestic mutual insurer has a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability may not be greater than 6 times the annual premium for the member's policy at the annual premium rate, as is specified in the insurer's articles of incorporation or bylaws.
2.
Every policy issued by the insurer shall contain a plain and legible statement of the contingent liability upon either the face or back thereof.
3.
Termination of the policy of any such member does not relieve the member of contingent liability for the member's proportion of the obligations of the insurer that accrued while the policy was in force.
4.
Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.