United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 24-A, § 4602: Purpose, 1983

This section says the chapter’s purpose is to protect policyholders and other beneficiaries against losses caused by a member insurer’s impairment or insolvency.

guaranty associationinsurer insolvencypolicyholder protection

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01

Purpose and legislative effect

“This section says the chapter’s purpose is to protect policyholders and other beneficiaries against losses caused by a member insurer’s impairment or insolvency.”

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    Enacted 1983 · 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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Purpose

This section says the chapter’s purpose is to protect policyholders and other beneficiaries against losses caused by a member insurer’s impairment or insolvency.

Section 4602

04

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Source record from legislature.maine.gov · Enacted 1983 · Source version 1 Oct 2025

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§ 4602PurposeProvision

This section says the chapter’s purpose is to protect policyholders and other beneficiaries against losses caused by a member insurer’s impairment or insolvency.

The purpose of this chapter, subject to certain limitations, is to maintain public confidence in the promises of insurers by providing a mechanism for protecting policyholders, insureds, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance policies, annuity contracts and supplemental contracts against failure in the performance of fair and equitable contractual obligations due to the impairment or insolvency of the member insurer issuing these policies or contracts. To provide this protection: [PL 2005, c. 346, §1 (AMD); PL 2005, c. 346, §16 (AFF).] 1. Creation of association. An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages as limited by this chapter; [PL 2005, c. 346, §1 (AMD); PL 2005, c. 346, §16 (AFF).] 2. Assessment of members. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and [PL 1983, c. 846 (NEW).] 3. Assistance to superintendent. The association is authorized to assist the superintendent, in the prescribed manner, in the detection and prevention of insurer impairments and insolvencies. [PL 2005, c. 346, §1 (AMD); PL 2005, c. 346, §16 (AFF).]
Section 4602Verify source

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  • 1 Oct 2025 · currentEnglish

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