§ 24-A §3714 — Accounting; assessments

Maine § 24-A §3714

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

Text

The following provisions apply to the financial operation of the company.
1.
Separate accounting.
2.
Rates.
Rates developed and filed by the company must be in accordance with chapter 25, subchapter II‑B.
3.
Deficit.
4.
Surplus.
The surplus of the company is indivisible and is available for the benefit of all policyholders once certified by the superintendent.
5.
Assessment.
Any assessment levied against policyholders is for the exclusive benefit of the policyholders subject to the assessment. Any policyholder not paying an undisputed assessment is not eligible for coverage from the company or in the voluntary market.
6.
Deficits in the high-risk division.
7.
High-risk program.
8.
Filing of retrospective rating plans.
The board may file with the superintendent retrospective rating plans that, after hearing, may be imposed on an employer with a demonstrated record of repeated serious violations of workplace health and safety rules and regulations such as those adopted under Title 26, chapter 6 or 29 United States Code, Chapter 15, whichever is applicable.
9.
Availability of retrospective rating plans.
The board shall develop and file with the superintendent and, if not disapproved by the superintendent, make available to policyholders on a voluntary basis retrospective rating plans.

Legislative History

PL 1991, c. 885, §C8 (NEW). RR 1993, c. 1, §66 (COR). PL 1997, c. 661, §13 (AMD). PL 2001, c. 350, §§6-10 (AMD). PL 2017, c. 15, §§1, 2 (AMD).