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2012 Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
24-A §3356. Failure to complete and qualify


24-A ME Rev Stat § 3356 (2012 through 125th Legis) What's This?

Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS

§3356. Failure to complete and qualify

If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one year from and after date of its certificate of organization, its corporate powers shall cease, and the superintendent shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premium held in trust under section 3355. [1973, c. 585, §12 (AMD).]

SECTION HISTORY

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

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