§419. Duration of suspension; insurer's obligation during suspension period; reinstatement
1. The suspension of an insurer's certificate of authority must be for such period as the superintendent specifies in the order of suspension. During the suspension period, the superintendent may rescind or shorten the suspension period by further order. The superintendent may reinstate the insurer's certificate of authority upon written request of the insurer if the superintendent finds that the causes of the suspension are no longer continuing and that the insurer is otherwise in compliance with the requirements of this Title.
[PL 1995, c. 570, §2 (AMD).]
2. During the suspension period, the insurer shall not solicit or write any new business in this State, but shall file its annual statement, pay fees, licenses and taxes as required under this Title, and may service its business already in force in this State, as if the certificate of authority had continued in full force.
[PL 1983, c. 419, §5 (AMD).]
3. Upon expiration of the suspension period, if within that period the certificate of authority has not terminated, the insurer's certificate of authority shall reinstate unless the superintendent finds that the causes of the suspension are continuing, or that the insurer is otherwise not in compliance with the requirements of this Title.
[PL 1983, c. 419, §5 (AMD).]
4. Upon reinstatement of the insurer's certificate of authority, the authority of its agents in this State to represent the insurer shall likewise reinstate. The superintendent shall promptly notify the insurer and its agents in this State, of record in the bureau, of that reinstatement.
[PL 1983, c. 419, §5 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1977, c. 694, §§405,406 (AMD). PL 1983, c. 419, §5 (AMD). PL 1995, c. 570, §2 (AMD).
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)