# 24-A M.R.S. § 4602: 24-A §4602. Purpose

> Maine · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4602

## Section

- **Citation:** 24-A M.R.S. § 4602
- **Heading:** 24-A §4602. Purpose
- **Jurisdiction:** Maine
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** ME Code / Title 24-A / Chapter 62 / Section 4602

## Text

The purpose of this chapter, subject to certain limitations, is to maintain public confidence in the promises of insurers by providing a mechanism for protecting policyholders, insureds, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance policies, annuity contracts and supplemental contracts against failure in the performance of fair and equitable contractual obligations due to the impairment or insolvency of the member insurer issuing these policies or contracts. To provide this protection: [PL 2005, c. 346, §1 (AMD); PL 2005, c. 346, §16 (AFF).]

1. Creation of association. An association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages as limited by this chapter; [PL 2005, c. 346, §1 (AMD); PL 2005, c. 346, §16 (AFF).]

2. Assessment of members. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and [PL 1983, c. 846 (NEW).]

3. Assistance to superintendent. The association is authorized to assist the superintendent, in the prescribed manner, in the detection and prevention of insurer impairments and insolvencies. [PL 2005, c. 346, §1 (AMD); PL 2005, c. 346, §16 (AFF).]

## Nearby sections

- [24-A M.R.S. § 4601 24-A §4601. Short title](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4601.md)
- [24-A M.R.S. § 4602 24-A §4602. Purpose](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4602.md)
- [24-A M.R.S. § 4603 24-A §4603. Scope](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4603.md)
- [24-A M.R.S. § 4604 24-A §4604. Construction](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4604.md)
- [24-A M.R.S. § 4605-A 24-A §4605-A. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4605-A.md)
- [24-A M.R.S. § 4606 24-A §4606. Creation of the association](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4606.md)
- [24-A M.R.S. § 4607 24-A §4607. Board of directors](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4607.md)
- [24-A M.R.S. § 4608 24-A §4608. Powers and duties of the association](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4608.md)
- [24-A M.R.S. § 4609 24-A §4609. Assessments](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4609.md)
- [24-A M.R.S. § 4610 24-A §4610. Plan of operation](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4610.md)
- [24-A M.R.S. § 4611 24-A §4611. Duties and powers of the superintendent](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4611.md)
- [24-A M.R.S. § 4612-A 24-A §4612-A. Prevention of impairments and insolvencies](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4612-A.md)
- [24-A M.R.S. § 4613 24-A §4613. Appointment of association nominee](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4613.md)
- [24-A M.R.S. § 4614 24-A §4614. Miscellaneous provisions](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4614.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C62_S4602. Check the current official text before relying on it. Not legal advice.