24-A §3908. Reinsurance - Maine Statutes

Title 24-A: MAINE INSURANCE CODE

Chapter 54: MAINE INDIVIDUAL REINSURANCE ASSOCIATION

§3908. Reinsurance

1. Reinsurance amount. Any member insurer offering an individual health insurance plan pursuant to section 2736-C must be reinsured by the association to the level of coverage provided in this subsection.

A. Beginning July 1, 2009, the association shall reimburse a member insurer with respect to claims of an insured individual at a rate of 50% of the aggregate claims paid between $75,000 and $250,000 for that person for covered benefits in a state fiscal year, to the extent funds are available pursuant to paragraph B. [2007, c. 629, Pt. A, §8 (NEW).]

B. The association shall limit total annual reimbursements to member insurers to the amount of money transferred annually from the Dirigo Health Enterprise Fund. Any money at the end of the fiscal year not used for reimbursements must be transferred to the Reinsurance Association Reserve account under section 3907. [2007, c. 629, Pt. A, §8 (NEW).]

[ 2007, c. 629, Pt. A, §8 (NEW) .]

SECTION HISTORY

2007, c. 629, Pt. A, §8 (NEW).