§ 24-A §4614 — Miscellaneous provisions

Maine § 24-A §4614

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

Text

1.
Liability for unpaid assessments of insureds of an impaired insurer.
Nothing in this chapter may be construed to reduce the liability for unpaid assessments of the insureds of an impaired insurer operating under a plan with assessment liability.
2.
Records.
Records must be kept of all negotiations and meetings in which the association or its representatives are involved to discuss the activities of the association in carrying out its powers and duties under section 4608. Records of the negotiations or meetings may be made public only upon the termination of a liquidation, rehabilitation or conservation proceeding involving the impaired or insolvent insurer, upon the termination of the impairment of the insurer, or upon the order of a court of competent jurisdiction. Nothing in this subsection limits the duty of the association to render a report of its activities under section 4615.
3.
Association deemed to be creditor of impaired or insolvent insurer.
For the purpose of carrying out its obligations under this chapter, the association is deemed to be a creditor of the impaired insurer to the extent of assets attributable to covered policies reduced by any amounts to which the association is entitled as subrogee pursuant to section 4608, subsection 9. All assets of the impaired insurer attributable to covered policies must be used to continue all covered policies and pay all contractual obligations of the impaired insurer as required by this chapter. Assets attributable to covered policies, as used in this subsection, are to be construed as that proportion of the assets that the reserves that should have been established for these policies bear to the reserve that should have been established for all policies of insurance written by the impaired insurer.
4.
Factors considered in distributing assets.
In distributing assets, the following factors must be considered.
5.
Unfair trade practice.
6.
Recovery procedure; provisions.
The recovery procedure must provide that:

Legislative History

PL 1983, c. 846 (NEW). PL 2005, c. 346, §12 (AMD). PL 2005, c. 346, §16 (AFF). PL 2017, c. 382, §28 (AMD).