LD 933
pg. 2
Page 1 of 38 PUBLIC Law Chapter 346 Page 3 of 38
Download Chapter Text
LR 2060
Item 1

 
2. Assessment of members. Members of the association are
subject to assessment to provide funds to carry out the purpose
of this chapter; and

 
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.

 
Sec. 2. 24-A MRSA §4603, as amended by PL 1989, c. 751, §§8 to 10,
is further amended to read:

 
§4603. Scope

 
1. Application. This chapter shall apply applies to direct
nongroup life insurance policies, health insurance policies,
annuity contracts and contracts supplemental to life and health
insurance policies and annuity contracts issued by persons
authorized to transact insurance in this State at any time and to
certificates under direct group life insurance policies, health
insurance policies and annuity contracts, except as limited by
this chapter. For the purposes of this chapter, annuity contracts
and certificates under group annuity contracts include allocated
funding agreements, structured settlement annuities and any
immediate or deferred annuity contracts.

 
1-A. Persons covered. This chapter shall provide provides
coverage for the policies and contracts specified in subsection
1:

 
A. To any person, regardless of where the person resides,
except for a nonresident certificate holder under a group
policy or contract, who is the beneficiary, assignee or
payee of a person covered under paragraph B; and

 
B. To any person who owns, or is a certificate holder
under, a policy or contract specified in subsection 1 or, in
the case of an unallocated annuity contract, to a person who
is the contract holder and, other than a structured
settlement annuity, who:

 
(1) Is a resident; or

 
(2) Is not a resident, if all the following conditions
are met:

 
(i) (a) The insurer that issued the policy or
contract is domiciled in this State;

 
(ii) (b) The insurer never held a license or


Page 1 of 38 Top of Page Page 3 of 38
Related Pages
  Search Bill Text Legislative Information
Bill Directory Search
Bill
Status
Session Information
119th Legislature Bills Maine Legislature

Office of Legislative Information
100 State House Station
Augusta, ME 04333
voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer