Maine § 24-A §416 Petition for suspension or revocation of certificate of authority; mandatory grounds

Maine Statutes

§ 24-A §416 — Petition for suspension or revocation of certificate of authority; mandatory grounds

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 5 AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS

1.Notwithstanding Title 4, chapter 5, and Title 5, section 10051, the superintendent shall refuse to continue or shall suspend or revoke an insurer's certificate of authority:

2.Except in case of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in subsection 1, paragraph D, the superintendent shall give the insurer at least 20 days notice in advance of any such refusal, suspension or revocation under this section and of the particulars of the reasons therefor. If the insurer requests a hearing thereon within the 20 days, the request automatically stays the superintendent's proposed action until the superintendent's order is made on that hearing. Hearings held pursuant to this subsection must be held in conformity with Ti

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1.
Notwithstanding Title 4, chapter 5, and Title 5, section 10051, the superintendent shall refuse to continue or shall suspend or revoke an insurer's certificate of authority:
2.
Except in case of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in subsection 1, paragraph D, the superintendent shall give the insurer at least 20 days notice in advance of any such refusal, suspension or revocation under this section and of the particulars of the reasons therefor. If the insurer requests a hearing thereon within the 20 days, the request automatically stays the superintendent's proposed action until the superintendent's order is made on that hearing. Hearings held pursuant to this subsection must be held in conformity with Title 5, chapter 375, subchapter 4.
3.
If an action initiated by the superintendent to suspend or revoke an insurer's certificate of authority is based on subsection 1, paragraphs B or C, a sworn statement of financial condition of the insurer signed by an officer of the insurer which indicates that the insurer no longer meets the requirements for a certificate of authority shall be prima facie proof that the requirements for a certificate of authority are not met.

Maine § 24-A §416 (Petition for suspension or revocation of certificate of authority; mandatory grounds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1971, c. 544, §83 (AMD). PL 1973, c. 585, §12 (AMD). PL 1977, c. 694, §§399,400 (AMD). PL 1983, c. 419, §1 (AMD). PL 1999, c. 547, §B44 (AMD). PL 1999, c. 547, §B80 (AFF). RR 2021, c. 1, Pt. B, §180 (COR).