§3356. Failure to complete and qualify
If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one year after the date its articles of incorporation were filed with the Secretary of State, its corporate powers cease, and the superintendent shall return or cause to be returned to the persons entitled to them all advance deposits or payments of premium held in trust under section 3355. [PL 2013, c. 299, §8 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 2013, c. 299, §8 (AMD).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS
24-A §3352. Mutual insurers, initial qualifications
24-A §3353. Qualifying applications for insurance; bond or deposit
24-A §3354. Qualifying applications for insurance; solicitation
24-A §3355. Deposit of qualifying premiums; effective date of insurance
24-A §3356. Failure to complete and qualify
24-A §3357. Authority to transact additional kinds of insurance
24-A §3358. Guaranty capital shares
24-A §3360. Members are policyholders
24-A §3361. Meetings of members, in general
24-A §3362. Special meetings of members
24-A §3363. Voting rights of members
24-A §3364. Contingent liability of members
24-A §3365. Levy of contingent liability
24-A §3366. Enforcement of contingent liability
24-A §3367. Nonassessable policies; limits of assessability; use of funds; combination operation