State Codes and Statutes
Statutes > Maine > Title24a > Title24-Ach47sec0 > Title24-Asec3356Title 24-A: MAINE INSURANCE CODE
Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS
Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS
§3356. Failure to complete and qualify
If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one year from and after date of its certificate of organization, its corporate powers shall cease, and the superintendent shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premium held in trust under section 3355. [1973, c. 585, §12 (AMD).]
SECTION HISTORY
1969, c. 132, §1 (NEW). 1973, c. 585, §12 (AMD).
