This bill does the following to the Maine Workers' Compensation Act of 1992 governing requirements for self-insurers.
1. It removes the confidence level requirements for letters of credit for self-insureds.
2. It clarifies the notice period for nonrenewal of an irrevocable standby letter of credit.
3. It changes the requirements for when a draft on a letter of credit must be honored.
4. It clarifies how a group self-insurer may secure its obligations to the confidence level required.
5. It corrects "out-of-state insurer" to "out-of-state self-insurer."
6. It corrects an error related to group self-insurers.
7. It corrects a reference to Lloyd's of London.
8. It adds a requirement that the Superintendent of Insurance notify the Workers' Compensation Board if an authorization for self-insurance is terminated or suspended.

Statutes affected:
Bill Text LD 1195, SP 484: 39-A.403