Maine § 24-A §4611 Duties and powers of the superintendent

Maine Statutes

§ 24-A §4611 — Duties and powers of the superintendent

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

In addition to the duties and powers enumerated elsewhere in this chapter:

1.Powers and duties. The superintendent shall:

2.Suspension or revocation of certificate of authority. The superintendent may suspend or revoke, after notice and hearing, the certificate of authority to transact business in this State of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. In lieu of such suspension or revocation, any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation may be punished by a fine not to exceed the greater of 5% of the unpaid assessment per month or $100 per month.

3.Appeal of actions of board of directors or association. Any final action of the board of directors or the associati

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In addition to the duties and powers enumerated elsewhere in this chapter:
1.
Powers and duties.
The superintendent shall:
2.
Suspension or revocation of certificate of authority.
The superintendent may suspend or revoke, after notice and hearing, the certificate of authority to transact business in this State of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation. In lieu of such suspension or revocation, any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation may be punished by a fine not to exceed the greater of 5% of the unpaid assessment per month or $100 per month.
3.
Appeal of actions of board of directors or association.
Any final action of the board of directors or the association may be appealed to the superintendent by any member insurer if such appeal is taken within 30 days of the action being appealed. Any final action or order of the superintendent is subject to judicial review pursuant to chapter 3.
4.
Notification of interested persons.
The liquidator, rehabilitator or conservator of any impaired insurer may notify all interested persons of the effect of this chapter.

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