02-031-440 Me. Code R. § II-13

Current through 2024-46, November 13, 2024
Section 031-440-II-13 - Residual Market Deficits; availability of funds

In order to give notice to Pool members and the Superintendent of whether any surcharge, or the failure to surcharge, will result in cash deficits for the Pool during any quarter, the Pool manager shall certify quarterly to the Superintendent anticipated premium, investment income, losses, and expenses.

Whenever any such report indicates a temporary cash inadequacy is likely to occur in the Pool, the Board shall arrange short-term debt financing for the Pool in order to ensure that the Pool can meet its loss and expense obligations as they become due. Whenever such short-term debt financing is not available, the manager will notify the Board and the Superintendent. The Board shall be allowed ten days to take appropriate action to resolve the situation. If the situation is resolved, the Board shall advise the Superintendent. If the problem is not resolved or if the Board waives the ten day period, the Superintendent shall take appropriate action.

02-031 C.M.R. ch. 440, § II-13