American Republic Insurance v. Superintendent of Insurance

ROBERTS, Justice.

The Superintendent of Insurance appeals from a judgment entered in the Superior Court (Kennebec County, Chandler, J.) vacating the Superintendent’s decision and declaring 24-A M.R.S.A. § 2850(2) (Supp.1993) unconstitutional as applied to guaranteed renewable individual health insurance policies issued by American Republic Insurance Company before the statute’s effective date. The Superintendent argues that retroactive application of section 2850(2) does not result in an unconstitutional impairment of contract. 1 Although American Republic may have suffered a substantial…