Maine Revised Statutes Title 24-A Sec. 7108 – Obligation of reimbursement insurance policy insurers
Current as of: 2023 | Check for updates
|
Other versions
1. Receipt of premium; agency. A provider is the agent of the insurer that issued the reimbursement insurance policy for purposes of obligating the insurer to service contract holders in accordance with the service contract and this chapter. When a provider is acting as an administrator and enlists other providers, the provider acting as the administrator shall notify the insurer of the existence and identities of the other providers. An insurer issuing a reimbursement insurance policy to a provider is deemed to have received the premiums for such insurance upon the payment of provider fees by consumers for service contracts issued by the insured provider.
[PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 7108
- Administrator: means the person who is responsible for the administration of a service contract program or who is responsible for any submission required by this chapter. See Maine Revised Statutes Title 24-A Sec. 7102
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Premium: means the consideration paid to an insurer for a reimbursement insurance policy. See Maine Revised Statutes Title 24-A Sec. 7102
- Provider: means a person who is contractually obligated to a service contract holder under the terms of a service contract. See Maine Revised Statutes Title 24-A Sec. 7102
- Reimbursement insurance policy: means a policy of insurance, issued to a provider, that provides reimbursement to the provider under the terms of the insured service contracts issued or sold by the provider or, in the event of the provider's nonperformance, pays to service contract holders on behalf of the provider all covered contractual obligations incurred by the provider under the terms of the insured service contracts issued or sold by the provider. See Maine Revised Statutes Title 24-A Sec. 7102
- Service contract: includes a contract or agreement sold for a separately stated consideration for a specific duration that provides for any of the following:
A. See Maine Revised Statutes Title 24-A Sec. 7102Service contract holder: means a person who is the purchaser or holder of a service contract. See Maine Revised Statutes Title 24-A Sec. 7102
2. Indemnification or subrogation. This chapter does not prevent or limit the right of an insurer that issued a reimbursement insurance policy to seek indemnification or subrogation against a provider if the insurer pays or is obligated to pay the service contract holder sums that the provider was obligated to pay pursuant to the provisions of the service contract.
[PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
SECTION HISTORY
PL 2011, c. 345, §4 (NEW). PL 2011, c. 345, §7 (AFF).