Maine Revised Statutes > Title 24-A > Chapter 57 – Delinquent Insurers
Current as of: 2023 | Check for updates
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| Sections | ||
|---|---|---|
| Subchapter 1 | Rehabilitation and Liquidation | 4351 – 4387 |
| Subchapter 2 | Summary Proceedings | 4401 – 4407 |
| Subchapter 3 | Maine Insurance Guaranty Association | 4431 – 4452 |
Terms Used In Maine Revised Statutes > Title 24-A > Chapter 57 - Delinquent Insurers
- Account: means any one of the 3 accounts created by section 4436. See Maine Revised Statutes Title 24-A Sec. 4435
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Association: means the Maine Insurance Guaranty Association created under section 4436. See Maine Revised Statutes Title 24-A Sec. 4435
- Association: means any corporation organized under this chapter. See Maine Revised Statutes Title 13 Sec. 2003
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Bequest: Property gifted by will.
- Board of directors: means the board of directors of the association. See Maine Revised Statutes Title 24-A Sec. 4435
- Chambers: A judge's office.
- Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
- code enforcement officer: means a person certified under this section and employed by a municipality to enforce all applicable laws and ordinances in the following areas:
A. See Maine Revised Statutes Title 30-A Sec. 4451Commissioner: means the Commissioner of Agriculture, Conservation and Forestry or the commissioner's authorized agents. See Maine Revised Statutes Title 7 Sec. 32 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Conviction: A judgement of guilt against a criminal defendant. Covered claim: means an unpaid claim, including one for unearned premiums but excluding one for punitive damages, arising under and within the coverage and applicable limits of a policy of a kind of insurance referred to in section 4433 to which this subchapter applies issued by an insurer that becomes an insolvent insurer after May 9, 1970, and where:
A. See Maine Revised Statutes Title 24-A Sec. 4435Deed: The legal instrument used to transfer title in real property from one person to another. Department: means the Department of Agriculture, Conservation and Forestry. See Maine Revised Statutes Title 30-A Sec. 4301 Development: means a change in land use involving alteration of the land, water or vegetation, or the addition or alteration of structures or other construction not naturally occurring. See Maine Revised Statutes Title 30-A Sec. 4301 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 Family farm corporation: means a corporation founded for the purpose of farming and the ownership of agricultural land; the majority of the voting stock must be held by, and a majority of the shareholders must be, persons or the spouses of persons related to each other within the 3rd degree of kindred and at least one of the related persons must reside on or actively operate the farm; and none of the shareholders may be a corporation. See Maine Revised Statutes Title 7 Sec. 32 Farm partnership: means an association of 2 or more individuals formed for the purpose of farming. See Maine Revised Statutes Title 7 Sec. 32 Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor Germane: On the subject of the pending bill or other business; a strict standard of relevance. Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704 Home rule authority: means the powers granted to municipalities under chapter 111; section 3001; and the Constitution of Maine, Article VIII, Part Second. See Maine Revised Statutes Title 30-A Sec. 2001 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 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insolvent insurer: means a member insurer:
A. See Maine Revised Statutes Title 24-A Sec. 4435Insurer: means any insurer as defined in section 4. See Maine Revised Statutes Title 24-A Sec. 4435 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Line of credit: means an irrevocable stand-by commitment whereby the association or member insurer and a qualified financial institution or group of qualified financial institutions enter into a formal and binding contract in which the qualified financial institution or group of qualified financial institutions agree to lend a certain amount of money within a stated period of time. See Maine Revised Statutes Title 24-A Sec. 4435 Member: includes members of associations without capital stock and holders of common stock in associations organized with shares of stock. See Maine Revised Statutes Title 13 Sec. 2003 Member insurer: means any authorized insurer that writes any kind of insurance to which this subchapter applies and that is not a risk retention group as defined in section 6093, subsection 13. See Maine Revised Statutes Title 24-A Sec. 4435 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. National Association of Insurance Commissioners: means the National Association of Insurance Commissioners or its successor organization of insurance regulators. See Maine Revised Statutes Title 24-A Sec. 15 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Net direct written premiums: means direct gross premiums written on insurance policies to which this subchapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. See Maine Revised Statutes Title 24-A Sec. 4435 Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 1 Sec. 72 Oath: A promise to tell the truth. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual or legal entity, including a governmental entity. See Maine Revised Statutes Title 24-A Sec. 4435 Personal property: All property that is not real property. Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Qualified financial institution: means one which is insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation or a successor federal deposit insurance agency or agencies, and has an equity capital to assets ratio of 6. See Maine Revised Statutes Title 24-A Sec. 4435 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Service of process: The service of writs or summonses to the appropriate party. Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. Trustee: A person or institution holding and administering property in trust. Venue: The geographical location in which a case is tried. Verdict: The decision of a petit jury or a judge.