Maine Revised Statutes Title 24-A Sec. 4441 – Duties and powers of the superintendent
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1. Duties and powers. The superintendent shall:
A. Notify the association of the existence of an insolvent insurer not later than 3 days after the superintendent receives notice of the determination of the insolvency. The association shall be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member insurer which is domiciled in this State at the same time that the complaint is filed with a court of competent jurisdiction; and [PL 1987, c. 707, §9 (AMD).]
B. Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer. [PL 1969, c. 561 (NEW).]
[PL 1987, c. 707, §9 (AMD).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 4441
- Association: means the Maine Insurance Guaranty Association created under section 4436. See Maine Revised Statutes Title 24-A Sec. 4435
- Board of directors: means the board of directors of the association. See Maine Revised Statutes Title 24-A Sec. 4435
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Insolvent insurer: means a member insurer:
A. See Maine Revised Statutes Title 24-A Sec. 4435Insurer: means any insurer as defined in section 4. See Maine Revised Statutes Title 24-A Sec. 4435 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Member insurer: means any authorized insurer that writes any kind of insurance to which this subchapter applies and that is not a risk retention group as defined in section 6093, subsection 13. See Maine Revised Statutes Title 24-A Sec. 4435 Net direct written premiums: means direct gross premiums written on insurance policies to which this subchapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. See Maine Revised Statutes Title 24-A Sec. 4435
2. Permission. The superintendent may:
A. Require that the association notify the insureds of the insolvent insurer and any other interested parties of the order of liquidation with a finding of insolvency and of their rights under this subchapter. Such notifications must be by mail at their last known addresses, where available, but if required information for notification by mail is not available, notice by publication in a newspaper of general circulation in this State is sufficient. Any notification given under this paragraph must prominently display the date by which all claims must be filed with the association. [PL 2001, c. 478, §10 (AMD); PL 2001, c. 478, §11 (AFF).]
B. Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. [PL 1969, c. 561 (NEW).]
C. Revoke the designation of any servicing facility if the superintendent finds claims are being handled unsatisfactorily. [RR 2021, c. 1, Pt. B, §387 (COR).]
[RR 2021, c. 1, Pt. B, §387 (COR).]
SECTION HISTORY
PL 1969, c. 561 (NEW). PL 1973, c. 585, §12 (AMD). PL 1987, c. 707, §9 (AMD). PL 2001, c. 478, §10 (AMD). PL 2001, c. 478, §11 (AFF). RR 2021, c. 1, Pt. B, §387 (COR).