Maine Revised Statutes Title 24-A Sec. 4606 – Creation of the association
Current as of: 2023 | Check for updates
|
Other versions
1. Creation. There is created a nonprofit legal entity to be known as the Maine Life and Health Insurance Guaranty Association. All member insurers must be and remain members of the association as a condition of their authority to transact insurance or health maintenance organization business in this State. The association shall perform its functions under the plan of operation established and approved under section 4610 and shall exercise its powers through a board of directors established under section 4607. For purposes of administration and assessment, the association shall maintain 3 accounts:
A. The health insurance account; [PL 1983, c. 846 (NEW).]
B. The life insurance account; and [PL 1983, c. 846 (NEW).]
C. The annuity account, which must include annuity contracts owned by a governmental retirement plan or its trustee established under Section 401, Section 403(b) or Section 457 of the United States Internal Revenue Code. [PL 2005, c. 346, §6 (AMD); PL 2005, c. 346, §16 (AFF).]
[PL 2017, c. 382, §14 (AMD).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 4606
- Account: means any one of the 3 accounts created under section 4606. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Association: means the Maine Life and Health Insurance Guaranty Association created under section 4606. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Board of directors: means the board of directors of the association. See Maine Revised Statutes Title 24-A Sec. 4605-A
- health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- State: means a state, the District of Columbia, Puerto Rico or a United States possession, territory or protectorate. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Supervision of association. The association is under the immediate supervision of the superintendent and is subject to the applicable provisions of the insurance laws of this State. Meetings or records of the association may be open to the public upon majority vote of the board of directors of the association.
[PL 2005, c. 346, §6 (AMD); PL 2005, c. 346, §16 (AFF).]
SECTION HISTORY
PL 1983, c. 846 (NEW). PL 2005, c. 346, §6 (AMD). PL 2005, c. 346, §16 (AFF). PL 2017, c. 382, §14 (AMD).