§ 24-A §3707 — Powers of the board

Maine § 24-A §3707

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 52: MAINE EMPLOYERS' MUTUAL INSURANCE COMPANY

Text

The board has full power, authority and jurisdiction over the company.
1.
General authority.
The board may perform all acts necessary or convenient in the exercise of any power, authority or jurisdiction over the company, either in the administration of the company or in connection with the business of the company to fulfill the purposes of this chapter.
2.
Standard of performance.
The board shall discharge its duties with the care, skill, prudence, and diligence as that of prudent directors acting in a similar enterprise and purpose.
3.
Personal liability.
The members of the board and officers or employees of the company are not liable personally, either jointly severally, for any debt or obligation created or incurred by the company.
4.
President.
The board shall appoint a president who shall serve as chief executive officer and may appoint other executive officers as it determines necessary.
5.
Investment managers.
The board shall appoint investment managers to oversee and manage the investment of assets of the corporation in a manner that safeguards the value of those assets and maximizes investment return commensurate with risk and liquidity restrictions contained in chapter 13.

Legislative History

PL 1991, c. 885, §C8 (NEW). PL 1997, c. 661, §8 (AMD).