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security against shock or catastrophe loss must be provided | | either by depositing securities with the board in such amount as | | the superintendent may determine or by filing with the | | superintendent and the board an insurance carrier's certificate | | of a standard self-insurer's reinsurance contract issued to the | | self-insurer or group in a form approved by the superintendent, | | providing coverage against losses arising out of one injury in | | such amounts as the superintendent may determine, or a | | combination of the foregoing, satisfactory to the | | superintendent. Notwithstanding any provision of this chapter, | | no specific or aggregate reinsurance may be required of any | | individual public employer that is self-insured and qualifies | | for the alternative security requirements of subsection 3, | | paragraph D. |
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| | | Yearly reports in a form prescribed by the superintendent must | | be filed by each self-insurer or group. The superintendent | | may, in addition, require the filing of quarterly financial | | status reports whenever the superintendent has reason to | | believe that there has been a deterioration in the financial | | condition of either an individual or group self-insurer that | | adversely affects the individual's or group's ability to pay | | expected losses. The reports must be filed within 30 days | | after the superintendent's request or at such time as the | | superintendent shall otherwise set. |
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| | | After approving any application for self-insurance, the | | superintendent shall promptly notify the board and forward to | | it copies of the application and all supporting materials. |
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| | | Sec. 2. 39-A MRSA §403, sub-§4-A is enacted to read: |
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| | | 4-A.__Group self-insurers reinsurance alternative account.__ | | As an alternative to obtaining a reinsurance contract | | providing coverage against losses arising out of one injury, | | group self-insurers may participate in an account established | | by the Superintendent of Insurance as provided in this | | subsection. |
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| | | A.__Upon the petition of 3 or more authorized group self- | | insurers, the Superintendent of Insurance shall create an | | account for the deposit of funds in lieu of reinsurance.__ | | The account, called the "Workers' Compensation Group Self- | | insurance Specific Reinsurance Alternative Account," and | | referred to in this section as "the account," may be used | | as an alternative to obtaining a reinsurance contract | | providing coverage against losses arising out of one | | injury. |
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| | | B.__The purpose of the account is to accumulate funds to | | provide coverage against losses arising out of one injury in | | excess of $500,000.__Any group self-insurer that is subject to | | joint and several liability pursuant to subsection 4, |
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