Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 126 - GUARANTY ASSOCIATION LINES OF CREDIT (Reg. 26) (Bureau of Insurance Rule Chapter 570)
Section 029-126-VI - EXTENSIONS OF CREDIT BY MEMBER INSURERS TO THE ASSOCIATION
Universal Citation: 02 ME Code Rules ยง 029-126-VI
Current through 2024-13, March 27, 2024
A. If at any time there is no approved Line of Credit in force issued to an Association, each of that Association's Member Insurers must either:
(I) obtain an approved
Line of Credit pursuant to this Rule issued to the Member Insurer for the
benefit of the Association, with all funds drawn on the Line of Credit credited
to the Member Insurer's account;
(ii) enter
into an agreement to extend credit to the Association, filed with and approved
by the Superintendent of Insurance in a manner consistent with Section5 of
thisRule; or
(iii) pay a
preinsolvency assessment to the Association in the amount specified in
24-AM.R.S.A.
§4440 or §
4609,
as applicable.
B. Any Member Insurer subject to the provisions of Paragraph A that has not chosen a method of funding within a reasonable time after receiving notice of its obligation, or that is not in compliance with the requirements applicable to its chosen method of funding, must within thirty days after receiving notice of noncompliance either cure the noncompliance or deposit the appropriate preinsolvency assessment with the Association.
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