24-A §2391. Title and scope of chapter
§2391. Title and scope of chapter 1. Title. This chapter may be known and cited as “The Workers’ Compensation Residual Market Deficit Resolution and Recovery Act.” [PL 1995, c. 289, §11 (NEW).] 2. Scope. This chapter establishes an efficient and effective mechanism for funding the obligations of the residual market mechanism in the State […]
24-A §2392. Definitions
§2392. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1995, c. 289, §11 (NEW).] 1. Association. “Association” means the Maine Insurance Guaranty Association. [PL 1995, c. 289, §11 (NEW).] 2. Board. “Board” means the governing board of the Maine Workers’ Compensation Residual […]
24-A §2393. Initial funding of pool
§2393. Initial funding of pool 1. Payments by insurers. Insurers shall pay to the pool on or before January 1, 1996 the amount of $65,000,000, as follows. A. Major insurers shall pay to the pool 90% of the $65,000,000 payment, which is $58,500,000. Each major insurer shall pay to the pool that major insurer’s […]
24-A §2394. Funding subsequent cash deficiencies
§2394. Funding subsequent cash deficiencies If the insurers have made payments to the pool totalling $65,000,000 valued as of January 1, 1996 pursuant to section 2393, subsection 1 and the employers have paid surcharges totalling $110,000,000 calculated on a net present value basis using January 1, 1995 as a valuation date and a discount rate […]
24-A §2395. Revisions to residual market mechanism plan of operation
§2395. Revisions to residual market mechanism plan of operation 1. Plan manager. The board shall appoint a plan manager who reports to and serves at the pleasure, direction and control of the board. The board has the exclusive right to retain any individual or organization as plan manager and to terminate the plan manager. The […]
24-A §2396. Coordination of law
§2396. Coordination of law 1. Causes of action extinguished; exception. Notwithstanding Title 1, section 302, a cause of action or administrative proceeding that could have been asserted or instituted, whether or not pending, prior to or on the effective date of this Act arising out of or relating to sections 2386 and 2386-A and their […]