§415-A. Termination of certificate of authority
An authorized insurer which elects to terminate its license authority in this State, in whole or in part, shall submit a withdrawal plan designed to protect policyholders and claimants which is subject to approval by the superintendent. The insurer shall submit its plan at least 60 days prior to its proposed date of withdrawal. The plan shall include, but not be limited to, requirements and procedures for meeting the insurer's existing contractual obligations, providing security in the event of a subsequent insolvency and meeting any applicable statutory obligations. The plan shall also comply with any further terms and conditions which are prescribed by rules adopted by the superintendent. In order to protect the interest of the people of this State, the superintendent may require the insurer to make a deposit of securities of a nature and type eligible under section 1253, to be held in trust by the treasurer in the name of the superintendent. [PL 1985, c. 330, §5 (NEW).]
If an insurer's license authority is revoked, suspended or otherwise terminated in a manner other than by its election, the superintendent shall issue an order which prescribes terms and conditions related to the license termination which shall, to the extent practicable, conform to the requirements governing withdrawal plans as prescribed by this section and rules promulgated under this section. In the event that an insurer attempts to terminate its license authority in this State without filing a withdrawal plan acceptable to the superintendent, the superintendent shall issue an order prescribing the terms and conditions of the termination. Any order issued pursuant to this section, including an order directing an insurer to produce relevant information, may be enforced as provided by section 214. [PL 1985, c. 330, §5 (NEW).]
SECTION HISTORY
PL 1985, c. 330, §5 (NEW).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
24-A §400. "Stock" insurer defined
24-A §401. "Mutual" insurer defined
24-A §402. "Reciprocal"; "Lloyd's" insurer defined
24-A §404. Certificate of authority required; enforcement; penalty
24-A §405. Exceptions to certificate of authority requirement
24-A §406. General eligibility for certificate of authority
24-A §407. Same; ownership, management
24-A §409. Insurance lines combinations
24-A §410. Minimum paid-in capital and surplus requirements
24-A §411. Insuring combinations without additional capital funds
24-A §413. Application for certificate of authority
24-A §413-A. Alien insurer; port of entry
24-A §414. Issuance, refusal of authority, ownership of certificate
24-A §415. Continuation of certificate of authority
24-A §415-A. Termination of certificate of authority
24-A §416. Petition for suspension or revocation of certificate of authority; mandatory grounds
24-A §417. Suspension or revocation of certificate of authority; discretionary and special grounds
24-A §418. Power to amend, modify or refuse to renew certificates of authority
24-A §418-A. Order, notice of suspension or, revocation; publication; effect upon agents' authority
24-A §419. Duration of suspension; insurer's obligation during suspension period; reinstatement
24-A §420. General corporation laws inapplicable to foreign insurers
24-A §421. Superintendent process agent for insurers
24-A §422. Serving process (REPEALED)
24-A §423-A. Interim financial reporting requirements
24-A §423-B. Periodic financial reports of insurer-controlled health maintenance organizations
24-A §423-C. Reports of material transactions
24-A §423-D. Annual report supplement
24-A §423-E. Report to Legislature (REPEALED)
24-A §423-F. Own risk and solvency assessment
24-A §423-G. Corporate governance annual disclosure
24-A §424. -- penalty for late or false statement
24-A §425. Transactions with parent corporation, subsidiaries, and affiliates
24-A §425-A. Contract to participate in finance program
24-A §426. Resident agent; countersignature law (REPEALED)