Maine Revised Statutes Title 24-A Sec. 3954 – Liability and indemnification
Current as of: 2023 | Check for updates
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1. Liability. The board and its employees may not be held liable for any obligations of the association. A cause of action may not arise against the association; the board, its agents or its employees; a member insurer or its agents, employees or producers; or the superintendent for any action or omission in the performance of powers and duties pursuant to this chapter.
[PL 2011, c. 90, Pt. B, §8 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 3954
- Association: means the Maine Guaranteed Access Reinsurance Association under section 3953. See Maine Revised Statutes Title 24-A Sec. 3952
- Board: means the Board of Directors of the Maine Guaranteed Access Reinsurance Association under section 3953, subsection 2. See Maine Revised Statutes Title 24-A Sec. 3952
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- insurer: includes an insurance company, a nonprofit hospital and medical service organization, a fraternal benefit society, a health maintenance organization, a self-insured employer subject to state regulation as described in section 2848?A, a 3rd-party administrator, a multiple-employer welfare arrangement, a reinsurer that reinsures health insurance in this State or a captive insurance company established pursuant to chapter 83 that insures the health coverage risks of its members. See Maine Revised Statutes Title 24-A Sec. 3952
2. Indemnification. The board may provide in its bylaws or rules for indemnification of, and legal representation for, its members and employees.
[PL 2011, c. 90, Pt. B, §8 (NEW).]
SECTION HISTORY
PL 2011, c. 90, Pt. B, §8 (NEW).