Maine Statutes

§ 24-A §3625 — Directors' residence, compensation

Maine § 24-A §3625

JurisdictionMaine

Title 24-AMAINE INSURANCE CODE

Ch. 51DOMESTIC MUTUAL ASSESSMENT INSURERS

This text of Maine § 24-A §3625 (Directors' residence, compensation) 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 §3625 (2026).

Text

1.A majority of the board of directors of the insurer shall be residents of, and actually reside in, this State.

2.The salary or compensation for services of the directors of the insurer shall be fixed by the policyholders at their annual meeting.

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Legislative History

PL 1969, c. 132, §1 (NEW).

Nearby Sections

15

§ 24 §1

Insurance contract

§ 24 §1001

Contract defined; duly organized corporation required

§ 24 §1002

Formation of corporation; guaranty fund; authority to write business; liability of policyholder

§ 24 §1003

Fraudulent operation; closing of business; receiver; dissolution

§ 24 §1004

Assigned risks; reinsurance

§ 24 §1005

Reserve fund; investment and payment of claims

§ 24 §1006

Duty of commissioner; satisfaction of judgments

§ 24 §1007

Foreign corporations; authority to do business; renewal and revocation

§ 24 §1008

Calls for payments; proceeds

§ 24 §1009

Assessment notice must appear on policy face

§ 24 §1010

Benefit or relief not liable to attachment; change of beneficiary

§ 24 §1011

False representation by solicitor, agent or physician

§ 24 §1012

Annual report; examinations

§ 24 §1013

§ 24 §1051

Automobile physical damage insurance

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Bluebook (online)

Maine § 24-A §3625, Counsel Stack Legal Research, https://law.counselstack.com/statute/me/24-A%20%C2%A73625.