Maine Revised Statutes Title 24-A Sec. 3708 – General powers
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1. Powers. For the specific purpose of exercising the responsibilities granted in this chapter and effectuating the purposes of this chapter, the company has the powers otherwise granted to a casualty insurer and may:
A. Hire employees or enter into contracts relating to the administration of a workers’ compensation insurer; [PL 1991, c. 885, Pt. C, §8 (NEW).]
B. Declare a dividend when there is an excess of assets over liabilities and surplus requirements established in this Title; and [PL 1991, c. 885, Pt. C, §8 (NEW).]
C. Enter into agreements to reinsure all or part of the company’s exposure to loss and to otherwise limit the risk to the company and manage its financial condition. [PL 1991, c. 885, Pt. C, §8 (NEW).]
[PL 1991, c. 885, Pt. C, §8 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 3708
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Board of Directors of the Maine Employers' Mutual Insurance Company. See Maine Revised Statutes Title 24-A Sec. 3702
- Company: means the Maine Employers' Mutual Insurance Company created in section 3703. See Maine Revised Statutes Title 24-A Sec. 3702
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Superintendent: means the Superintendent of Insurance. See Maine Revised Statutes Title 24-A Sec. 3702
2. Assessments; plan of operation. The board shall:
A. Assess policyholders to cover its expenses, claims, obligations and other funding needs consistent with this chapter and Title; and [PL 1991, c. 885, Pt. C, §8 (NEW).]
B. Develop and file with the superintendent for review and approval a plan of operation and any amendments to a plan of operation necessary or suitable to ensure the fair, reasonable and equitable administration of the company. [PL 1991, c. 885, Pt. C, §8 (NEW).]
[PL 1991, c. 885, Pt. C, §8 (NEW).]
SECTION HISTORY
PL 1991, c. 885, §C8 (NEW).