Maine § 24-A §4602 Purpose

Maine Statutes

§ 24-A §4602 — Purpose

Maine § 24-A §4602

Title 24-AMAINE INSURANCE CODE

Ch. 62MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

This text of Maine § 24-A §4602 (Purpose) 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 §4602 (2026).

Text

The purpose of this chapter, subject to certain limitations, is to maintain public confidence in the promises of insurers by providing a mechanism for protecting policyholders, insureds, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance policies, annuity contracts and supplemental contracts against failure in the performance of fair and equitable contractual obligations due to the impairment or insolvency of the member insurer issuing these policies or contracts. To provide this protection:

1.Creation of association. An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages as limited by this chapter;

2.Assessment of members. Members of the association are subject to assessment to provid

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The purpose of this chapter, subject to certain limitations, is to maintain public confidence in the promises of insurers by providing a mechanism for protecting policyholders, insureds, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance policies, annuity contracts and supplemental contracts against failure in the performance of fair and equitable contractual obligations due to the impairment or insolvency of the member insurer issuing these policies or contracts. To provide this protection:
1.
Creation of association.
An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages as limited by this chapter;
2.
Assessment of members.
Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and
3.
Assistance to superintendent.
The association is authorized to assist the superintendent, in the prescribed manner, in the detection and prevention of insurer impairments and insolvencies.