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2012 Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 15: ADMINISTRATION OF DEPOSITS
24-A §1262. Deficiency of deposit


24-A ME Rev Stat § 1262 (2012 through 125th Legis) What's This?

§1262. Deficiency of deposit

If for any reason the market value of securities of an insurer held on deposit in this State as required under this Title falls below the required amount, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 20 days after receipt of notice thereof by registered mail from the superintendent, the superintendent shall forthwith revoke the insurer's certificate of authority. [1973, c. 585, §12 (AMD).]

SECTION HISTORY

1969, c. 132, §1 (NEW). 1973, c. 585, §12 (AMD).

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