| | | 3.__Exemptions.__This section does not apply to routinely | | scheduled increases in valuation under the policy based on | | inflation or to increases in the stated insured value of a | | property agreed to by the insured. |
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| | | Sec. A-11. 39-A MRSA §403, sub-§4-A, as enacted by PL 2003, c. 315, | | §2, is amended by amending the first paragraph to read: |
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| | | 4-A. Group self-insurance reinsurance account. As an | | alternative to obtaining a reinsurance contract providing | | coverage against losses arising out of one occurrence, a group | | self-insurer may participate in a group self-insurance | | reinsurance account, referred to in this subsection as "an | | account," as provided in this subsection. More than one account | may be established pursuant to this subsection. Each | established pursuant to this subsection is an independent entity | and | | an instrumentality of the State, but the debts and liabilities of | | an account established as an instrumentality of the State are not | | debts and liabilities of the State. An account established as an | | instrumentality of the State within 24 months of its formation, | | with the approval of the superintendent, may transfer all of its | | assets and liabilities into an account established as an | | independent private entity. |
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| | | Sec. A-12. 39-A MRSA §403, sub-§4-A, ¶¶I and K, as enacted by PL 2003, c. | | 315, §2, are amended to read: |
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| | | I. Assets of an account's fund may be used exclusively for | | payment of expenses of the account and payment of claims | | against the account and for no other purpose, except that an | | account established as an independent private entity | | pursuant to this subsection may issue such dividends to its | | members as are approved by the superintendent. |
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| | | K. In the event of dissolution of an account established as | | an instrumentality of the State pursuant to this subsection, | | all assets remaining after the satisfaction of all | | outstanding claims must be distributed to the Treasurer of | | State to be included in the Maine Self-Insurance Guarantee | | Association. |
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| | | Sec. B-1. 24-A MRSA §2322-A, sub-§1, as enacted by PL 1989, c. 797, | | §25 and affected by §§37 and 38, is amended to read: |
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| | | 1. Notwithstanding section 2321-B, subsection 2 and | | consistent with sections 2325, 2325-A, 2325-B and 2366, insurers, |
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