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-2 - Purpose
Universal Citation: 02 ME Code Rules ยง 031-440-II-2
Current through 2024-38, September 18, 2024
The purpose of the Pool is to provide reinsurance for all workers' compensation residual market policies. Every residual market policy issued to an employer by a member is reinsured effective at 12:01 a.m. on the date on which the policy becomes effective, and the reinsurance applies during the period that the policy is in effect. The reinsurance provided by the Pool shall apply only to workers' compensation policies, including those coverages set forth in Subchapter 1, Section 3 of this Rule.
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