Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 440 - MAINE WORKERS' COMPENSATION RESIDUAL MECHANISM
Subchapter II - MAINE WORKERS' COMPENSATION RESIDUAL MARKET POOL
Section 031-440-II-13 - Residual Market Deficits; availability of funds

Universal Citation: 02 ME Code Rules ยง 031-440-II-13
Current through 2024-38, September 18, 2024

In order to give notice to Pool members and the Superintendent of whether any surcharge, or the failure to surcharge, will result in cash deficits for the Pool during any quarter, the Pool manager shall certify quarterly to the Superintendent anticipated premium, investment income, losses, and expenses.

Whenever any such report indicates a temporary cash inadequacy is likely to occur in the Pool, the Board shall arrange short-term debt financing for the Pool in order to ensure that the Pool can meet its loss and expense obligations as they become due. Whenever such short-term debt financing is not available, the manager will notify the Board and the Superintendent. The Board shall be allowed ten days to take appropriate action to resolve the situation. If the situation is resolved, the Board shall advise the Superintendent. If the problem is not resolved or if the Board waives the ten day period, the Superintendent shall take appropriate action.

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