Maine § 24-A §3953 Maine Guaranteed Access Reinsurance Association

Maine Statutes

§ 24-A §3953 — Maine Guaranteed Access Reinsurance Association

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 54-A MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION ACT

1.Guaranteed access reinsurance mechanism established. The Maine Guaranteed Access Reinsurance Association is established as a nonprofit legal entity. As a condition of doing business in the State, an insurer that has issued or administered medical insurance within the previous 12 months or is actively marketing a medical insurance policy or medical insurance administrative services in this State must participate in the association. The association may operate a reinsurance program contingent on the approval of, or continued approval of, a state innovation waiver under Section 1332 of the federal Affordable Care Act submitted by the superintendent as provided for in section 2781.

2.Board of directors. The association is governed by the Board of Directors of the Maine Guaranteed Access Re

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1.
Guaranteed access reinsurance mechanism established.
The Maine Guaranteed Access Reinsurance Association is established as a nonprofit legal entity. As a condition of doing business in the State, an insurer that has issued or administered medical insurance within the previous 12 months or is actively marketing a medical insurance policy or medical insurance administrative services in this State must participate in the association. The association may operate a reinsurance program contingent on the approval of, or continued approval of, a state innovation waiver under Section 1332 of the federal Affordable Care Act submitted by the superintendent as provided for in section 2781.
2.
Board of directors.
The association is governed by the Board of Directors of the Maine Guaranteed Access Reinsurance Association established under Title 5, section 12004‑G, subsection 14‑H.
3.
Plan of operation; rules.
The board shall adopt a plan of operation in accordance with the requirements of this chapter and submit its articles, bylaws and operating rules to the superintendent for approval. If the board fails to adopt the plan of operation and suitable articles and bylaws within 90 days after the appointment of the board, the superintendent shall adopt rules to effectuate the requirements of this chapter and those rules remain in effect until superseded by a plan of operation and articles and bylaws submitted by the board and approved by the superintendent. Rules adopted by the superintendent pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.
4.
Immunity.
A board member is not liable and is immune from suit at law or equity for any conduct performed in good faith that is within the scope of the board's jurisdiction.

Maine § 24-A §3953 (Maine Guaranteed Access Reinsurance Association) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 2011, c. 90, Pt. B, §8 (NEW). PL 2013, c. 273, §§1-3 (AMD). PL 2015, c. 404, §1 (AMD). PL 2017, c. 124, §1 (AMD). PL 2019, c. 653, Pt. B, §12 (AMD).