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First Special Session of the 122nd

H.P. 176 - L.D. 237

An Act To Establish a Minimum Amount for Required Interest Payments by Insurers

Be it enacted by the People of the State of Maine as follows:

     Sec. 1. 24-A MRSA §2436, sub-§3, as amended by PL 2003, c. 218, §4, is further amended to read:

     3. If an insurer fails to pay an undisputed claim or any undisputed part of the claim when due, the amount of the overdue claim or part of the claim bears interest at the rate of 1 1/2% per month after the due date. Notwithstanding this subsection, the superintendent may shall adopt rules that establish a minimum amount of interest payable on an overdue undisputed claim to a health care provider before a payment must be issued. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.

Effective September 17, 2005.

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