2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 57: DELINQUENT INSURERS › Subchapter 3: MAINE INSURANCE GUARANTY ASSOCIATION › 24-A §4439. Plan of operation

§4439. Plan of operation
1.  Submission.
A. The association shall submit to the superintendent a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upon approval in writing by the superintendent.   [PL 1973, c. 585, §12 (AMD).]
B. If the association fails to submit a suitable plan of operation within 90 days following May 9, 1970 or if at any time thereafter the association fails to submit suitable amendments to the plan, the superintendent shall, after notice and hearing, adopt and promulgate such reasonable rules as are necessary or advisable to effectuate this subchapter. Such rules shall continue in force until modified by the superintendent or superseded by a plan submitted by the association and approved by the superintendent.   [PL 1973, c. 625, §161 (AMD).]
[PL 1973, c. 625, §161 (AMD).]
2.  Complying.
All member insurers shall comply with the plan of operation.
[PL 1969, c. 561 (NEW).]
3.  Plan.
The plan of operation shall:
A. Establish the procedures whereby all the powers and duties of the association under section 4438 will be performed.   [PL 1969, c. 561 (NEW).]
B. Establish procedures for handling assets of the association.   [PL 1969, c. 561 (NEW).]
C. Establish the amount and method of reimbursing members of the board of directors under section 4437.   [PL 1969, c. 561 (NEW).]
D. Establish procedures by which claims may be filed with the association and establish acceptable forms of proof of covered claims. Notice of claims to the receiver or liquidator of the insolvent insurer shall be deemed notice to the association or its agent and a list of such claims shall be periodically submitted to the association or similar organization in another state by the receiver or liquidator.   [PL 1969, c. 561 (NEW).]
E. Establish regular places and times for meetings of the board of directors.   [PL 1969, c. 561 (NEW).]
F. Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors.   [PL 1969, c. 561 (NEW).]
G. Provide that any member insurer aggrieved by any final action or decision of the association may appeal to the superintendent within 30 days after the action or decision.   [PL 1973, c. 585, §12 (AMD).]
H. Establish the procedures whereby selections for the board of directors will be submitted to the superintendent.   [PL 1973, c. 585, §12 (AMD).]
I. Contain additional provisions necessary or proper for the execution of the powers and duties of the association.   [PL 1969, c. 561 (NEW).]
[PL 1973, c. 585, §12 (AMD).]
4.  Provisions.
The plan of operation may provide that any or all powers and duties of the association, except those under section 4438, subsection 1, paragraph C, and section 4438, subsection 2, paragraph B, are delegated to a corporation, association or other organization which performs or will perform functions similar to those of the association, or its equivalent, in 2 or more states. Such a corporation, association or organization shall be reimbursed as a servicing facility would be reimbursed and shall be paid for its performance of any other functions of the association. A delegation under this subsection shall take effect only with the approval of both the board of directors and the superintendent, and may be made only to a corporation, association or organization which extends protection not substantially less favorable and effective than that provided by this subchapter.
[PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 561 (NEW). PL 1973, c. 585, §12 (AMD). PL 1973, c. 625, §161 (AMD).