Maine Revised Statutes Title 24-A Sec. 4447 – Recognition of assessment in rates
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Terms Used In Maine Revised Statutes Title 24-A Sec. 4447
- Association: means the Maine Insurance Guaranty Association created under section 4436. See Maine Revised Statutes Title 24-A Sec. 4435
- Insurer: means any insurer as defined in section 4. See Maine Revised Statutes Title 24-A Sec. 4435
- 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
The rates and premiums charged for insurance policies to which this subchapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association, and such rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer. [PL 1969, c. 561 (NEW).]
SECTION HISTORY
PL 1969, c. 561 (NEW).