§4432. Purpose
The purpose of this subchapter is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers. [PL 1969, c. 561 (NEW).]
SECTION HISTORY
PL 1969, c. 561 (NEW).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 57: DELINQUENT INSURERS
Subchapter 3: MAINE INSURANCE GUARANTY ASSOCIATION
24-A §4436. Creation of the association
24-A §4437. Board of directors
24-A §4438. Powers and duties of the association
24-A §4440. Assessment of member insurers
24-A §4440-A. Special assessment
24-A §4440-B. Assessment of excess insurers (REPEALED)
24-A §4441. Duties and powers of the superintendent
24-A §4442. Effect of paid claims
24-A §4443. Nonduplication of recovery
24-A §4444. Prevention of insolvencies
24-A §4445. Examination of the association
24-A §4447. Recognition of assessment in rates
24-A §4449. Stay of proceedings; reopening of default judgments
24-A §4450. Termination of association