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rating organizations and advisory organizations participating in | | joint underwriting, joint reinsurance pools or residual market | | mechanisms may, in connection with such activity, act in | | cooperation with each other in the making of rates, rating systems, | | policy forms, underwriting rules, surveys, inspections and | | investigations, the furnishing of loss and expense statistics or | | other information, or conducting research. Joint underwriting, | | joint reinsurance pools and residual market mechanisms are not | | considered to be advisory organizations. |
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| | | Sec. B-2. 24-A MRSA §2325-B is enacted to read: |
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| | | §2325-B.__Mandatory property and casualty insurance market |
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| | | 1.__Definitions.__As used in this section, unless the context | | otherwise indicates, the following terms have the following | | meanings. |
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| | | A.__"Basic property and casualty insurance" means policies | | that insure against loss or damage to real property that is | | used for residential purposes, is owner-occupied and | | consists of not more than 4 apartments, and that may also | | insure against loss or damage to tangible personal property | | and the legal liability of a natural person or persons for | | loss of, damage to or injury to persons or property.__"Basic | | property and casualty insurance" may include standard | | homeowners package property and liability insurance, | | functional replacement homeowners package insurance, | | dwelling fire policies and extended coverage policies.__ | | "Basic property and casualty insurance" does not include | | automobile insurance, workers' compensation insurance or | | insurance primarily covering risks arising from the conduct | | of a commercial or industrial enterprise. |
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| | | B.__"Governing committee" means the committee established to | | operate the program pursuant to subsection 5. |
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| | | C.__"Member insurer" means an authorized insurer who is | | required to be a member of the program in accordance with | | subsection 3. |
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| | | D.__"Modified policy form" means any new or amended policy | | form developed by member insurers for risks written through | | the program. |
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| | | E.__"Modified rate" means any new or amended rate or rating | | rule developed by member insurers for risks written through | | the program. |
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