90- 351 C.M.R. ch. 1, § 11

Current through 2025-02, January 8, 2025

Section 351-1-11 - Post-Insolvency Meeting between the Board and the Maine Insurance Guaranty Association

1. Within 180 days of notice of insolvency to the Board or its designee and the Maine Insurance Guaranty Association ("MIGA"), the Executive Director or the Executive Director's designee shall schedule a meeting with MIGA.

2. During the meeting, MIGA shall provide the Board with a report detailing:

A. When it obtained the claim records of the insolvent insurer;

B. The number of claim records it received from the insolvent insurer broken down by:

i. Active claims;

ii. Claims that are not active but still within the statute of limitations; and

iii. Claims that are beyond the statute of limitations;

C. A description of the condition of the claim records of the insolvent insurer; and

D. The steps MIGA has taken to ensure the claims are being adjusted in a timely manner.

3. During the meeting the Executive Director or the Executive Director's designee shall provide MIGA with a report detailing the number of claim records it has broken down by:

i. Active claims;

ii. Claims that are not active but still within the statute of limitations; and

iii. Claims that are beyond the statute of limitations.

4. At the conclusion of the meeting, the Board or its designee shall determine whether a follow-up report from MIGA or an additional meeting is required to ensure claims are being adjusted in a timely and accurate manner.

90- 351 C.M.R. ch. 1, § 11