Maine Revised Statutes Title 24-A Sec. 765 – Effect of consent by the policyholder
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Terms Used In Maine Revised Statutes Title 24-A Sec. 765
- Assuming insurer: means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement. See Maine Revised Statutes Title 24-A Sec. 761
- Assumption reinsurance agreement: means a contract that both:
A. See Maine Revised Statutes Title 24-A Sec. 761Contract: A legal written agreement that becomes binding when signed. Policyholder: means an individual or entity that has the right to terminate or otherwise alter the terms of a contract of insurance. See Maine Revised Statutes Title 24-A Sec. 761 Transferring insurer: means the insurer that transfers an insurance obligation risk to an assuming insurer pursuant to an assumption reinsurance agreement. See Maine Revised Statutes Title 24-A Sec. 761
If a policyholder consents to the transfer pursuant to section 764 or if the transfer is effected under section 766, there is a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer is relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer is directly and solely liable to the policyholder for those insurance obligations or risks. [PL 1993, c. 603 (NEW).]
SECTION HISTORY
PL 1993, c. 603 (NEW).