United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 24-A, § 3874: Subscribers' share in assets, 1969

On liquidation of a domestic reciprocal insurer, remaining assets must be distributed to qualifying subscribers, using a reasonable formula approved by the superintendent.

asset distributionliquidationreciprocal insurer

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01

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“On liquidation of a domestic reciprocal insurer, remaining assets must be distributed to qualifying subscribers, using a reasonable formula approved by the superintendent.”

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    Enacted 1969 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Subscribers' share in assets

On liquidation of a domestic reciprocal insurer, remaining assets must be distributed to qualifying subscribers, using a reasonable formula approved by the superintendent.

Section 3874

04

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Source record from legislature.maine.gov · Enacted 1969 · Source version 1 Oct 2025

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Showing 1 of 1 provisions

Provision
§ 3874Subscribers' share in assetsProvision

On liquidation of a domestic reciprocal insurer, remaining assets must be distributed to qualifying subscribers, using a reasonable formula approved by the superintendent.

Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus, and the return of any unused premium, savings or credits then standing on subscribers' accounts, shall be distributed to its subscribers who were such within the 12 months prior to the last termination of its certificate of authority, according to such reasonable formula as the superintendent may approve. [PL 1969, c. 132, §1 (NEW); PL 1973, c. 585, §12 (AMD).]
Section 3874Verify source

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  • 1 Oct 2025 · currentEnglish

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