Maine § 24-A §4603 Scope

Maine Statutes

§ 24-A §4603 — Scope

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 62 MAINE LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

1.Application. This chapter applies to direct nongroup life insurance policies, health insurance policies, annuity contracts and contracts supplemental to life and health insurance policies and annuity contracts and to certificates under direct group life insurance policies, health insurance policies and annuity contracts, except as limited by this chapter. For the purposes of this chapter: 1-A. Persons covered. This chapter provides coverage for the policies and contracts specified in subsection 1:

2.Exceptions. This chapter does not apply to:

3.Benefits; limitations of coverage. The benefits that the association may become obligated to cover may not exceed the least of:

4.Maximum obligation in benefits. Notwithstanding subsection 3, the association is not in any event obligated to co

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1.
Application.
This chapter applies to direct nongroup life insurance policies, health insurance policies, annuity contracts and contracts supplemental to life and health insurance policies and annuity contracts and to certificates under direct group life insurance policies, health insurance policies and annuity contracts, except as limited by this chapter. For the purposes of this chapter:
1-A.
Persons covered.
This chapter provides coverage for the policies and contracts specified in subsection 1:
2.
Exceptions.
This chapter does not apply to:
3.
Benefits; limitations of coverage.
The benefits that the association may become obligated to cover may not exceed the least of:
4.
Maximum obligation in benefits.
Notwithstanding subsection 3, the association is not in any event obligated to cover more than:
5.
Subrogation and assignment rights.
The limitations set forth in subsections 3 and 4 are limitations on the benefits for which the association is obligated before taking into account either its subrogation and assignment rights or the extent to which those benefits could be provided out of the assets of the impaired or insolvent insurer attributable to covered policies. The costs of the association's obligations under this chapter may be met by the use of assets attributable to covered policies or reimbursed to the association pursuant to its subrogation and assignment rights.
6.
Material economic benefits; contractual obligations.
In performing its obligations to provide coverage under section 4608, the association is not required to guarantee, assume, reinsure, reissue or perform, or cause to be guaranteed, assumed, reinsured, reissued or performed, the contractual obligations of the insolvent or impaired insurer under a covered policy or contract that do not materially affect the economic values or economic benefits of the covered policy or contract.

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Legislative History

PL 1983, c. 846 (NEW). PL 1989, c. 751, §§8-10 (AMD). PL 2005, c. 346, §2 (AMD). PL 2005, c. 346, §16 (AFF). PL 2009, c. 77, §§1, 2 (AMD). PL 2009, c. 118, §§1-4 (AMD). PL 2009, c. 118, §5 (AFF). PL 2009, c. 652, Pt. A, §§34, 35 (AMD). PL 2017, c. 382, §§2-12 (AMD).