Maine Revised Statutes Title 24-A Sec. 2325-A – Market assistance plans
Current as of: 2023 | Check for updates
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1. Establishment. Whenever a particular type of insurance is unavailable or unaffordable, the superintendent may establish a market assistance plan.
[PL 1987, c. 627 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2325-A
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Rate: means the cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost with an adjustment to account for the treatment of expenses, profit, and individual insurer variation in loss experience, prior to any application of individual risk variation based on loss or expense considerations, and not including minimum premium. See Maine Revised Statutes Title 24-A Sec. 2302-A
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Definition. For purposes of this section a “market assistance plan” is a voluntary agreement between the Bureau of Insurance and insurers that the insurers will write insurance at an agreed upon rate for those persons or groups that are unable to obtain coverage.
[PL 1987, c. 627 (NEW).]
3. Notification. Whenever the superintendent determines that a market assistance plan is needed, the superintendent shall notify all insurers authorized to write the type of insurance covered by the plan that a market assistance plan is being established and their participation in the plan is requested.
[PL 1987, c. 627 (NEW).]
4. Participation. Each insurer receiving a notice referred to in subsection 3, shall respond within 30 days to the notice. Their response shall indicate the extent to which they are willing to participate and any reasons why they do not wish to participate or only wish to participate on a limited basis.
[PL 1987, c. 627 (NEW).]
5. Report. The superintendent shall report to the joint standing committee of the Legislature having jurisdiction over insurance by January 30th of each year whether there is, or may be, within the year a lack of availability in any line of insurance.
[PL 1987, c. 627 (NEW).]
SECTION HISTORY
PL 1987, c. 627 (NEW).