reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2530. Cash surrender value

§2530. Cash surrender value
1.
Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by section 2529, shall be an amount not less than the excess, if any, of the present value, on that anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of:
A. Present value of adjusted premiums. The then present value of the adjusted premiums as defined in sections 2532 and 2532‑A, corresponding to premiums which would have fallen due on and after that anniversary; and   [PL 1983, c. 346, §11 (NEW).]
B. Amount of indebtedness. The amount of any indebtedness to the insurer on the policy.   [PL 1983, c. 346, §11 (NEW).]
[PL 1983, c. 346, §11 (RPR).]
2.
For any policy issued on or after the operative date of section 2532‑A as defined therein, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection 1 shall be an amount not less than the sum of the cash surrender value as defined in that subsection for an otherwise similar policy issued at the same age without that rider or supplemental policy provision and the cash surrender value as defined in that subsection for a policy which provides only the benefits otherwise provided by that rider or supplemental policy provision.
[PL 1983, c. 346, §11 (RPR).]
3.
For any family policy issued on or after the operative date of section 2532‑A as defined therein, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age 71, the cash surrender value referred to in subsection 1 shall be an amount not less than the sum of the cash surrender value as defined in that subsection for an otherwise similar policy issued at the same age without that term insurance on the life of the spouse and the cash surrender value as defined in that subsection for a policy which provides only the benefits otherwise provided by that term insurance on the life of the spouse.
[PL 1983, c. 346, §11 (NEW).]
4.
Any cash surrender value available within 30 days after any policy anniversary under any policy paid-up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by section 2529, shall be an amount not less than the present value, on that anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurer on the policy.
[PL 1983, c. 346, §11 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §11 (RPR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2531. Paid-up nonforfeiture benefits

§2531. Paid-up nonforfeiture benefits
Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by sections 2529 to 2534 in the absence of the condition that premiums shall have been paid for at least a specified period.   [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2532-B. Superintendent's authority to approve certain new plans

§2532-B. Superintendent's authority to approve certain new plans
1.
In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in sections 2529 to 2532‑A herein, then:
A. The superintendent must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by sections 2529 to 2532‑A herein;   [PL 1983, c. 346, §14 (NEW).]
B. The superintendent must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds; and   [PL 1983, c. 346, §14 (NEW).]
C. The cash surrender values and paid-up nonforfeiture benefits provided by that plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this Standard Nonforfeiture Law for Life Insurance, as determined by regulations promulgated by the superintendent.   [PL 1983, c. 346, §14 (NEW).]
[PL 1983, c. 346, §14 (NEW).]
SECTION HISTORY
PL 1983, c. 346, §14 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2533. Calculation of cash surrender value of certain policies on default

§2533. Calculation of cash surrender value of certain policies on default
Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in sections 2530 to 2532‑A may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall be not less than the amounts used to provide those additions. Notwithstanding section 2530, additional benefits payable:   [PL 1983, c. 346, §15 (AMD).]
1.  Death or accident.
In the event of death or dismemberment by accident or accidental means;
[PL 1969, c. 132, §1 (NEW).]
2.  Total disability.
In the event of total and permanent disability;
[PL 1969, c. 132, §1 (NEW).]
3.  Reversionary annuity.
As reversionary annuity or deferred reversionary annuity benefits;
[PL 1969, c. 132, §1 (NEW).]
4.  Term insurance benefits.
As term insurance benefits provided by a rider or supplemental policy provisions to which, if issued as a separate policy, section 2529 to 2534 would not apply;
[PL 1969, c. 132, §1 (NEW).]
5.  Child term insurance benefits.
As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child's age is 26, is uniform in amount after the child's age is one, and has not become paid up by reason of the death of a parent of the child; and
[PL 1969, c. 132, §1 (NEW).]
6.  Other policy benefits.
As other policy benefits additional to life insurance and endowment benefits; and premiums for all such additional benefits, shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by sections 2529 to 2534, and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §15 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2534. Exceptions

§2534. Exceptions
Sections 2529 to 2534 do not apply to any of the following:   [RR 1993, c. 1, §61 (COR).]
1.
Reinsurance;
[PL 1983, c. 346, §17 (NEW).]
2.
Group insurance;
[PL 1983, c. 346, §17 (NEW).]
3.
Pure endowment;
[PL 1983, c. 346, §17 (NEW).]
4.
Annuity or reversionary annuity contract;
[PL 1983, c. 346, §17 (NEW).]
5.
Any term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy;
[PL 1983, c. 346, §17 (NEW).]
6.
Any term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in sections 2532 and 2532‑A, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy;
[PL 1983, c. 346, §17 (NEW).]
7.
Any policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in sections 2530 to 2532‑A, exceeds 2 1/2% of the amount of insurance at the beginning of the same policy year; or
[PL 1983, c. 346, §17 (NEW).]
8.
Any policy that is delivered outside this State through an agent or other representative of the insurer issuing the policy.
[RR 1993, c. 1, §61 (COR).]
For purposes of the Standard Nonforfeiture Law for Life Insurance, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.   [RR 1993, c. 1, §61 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §17 (RPR). RR 1993, c. 1, §61 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2535. Incontestability, limitation of liability after reinstatement

§2535. Incontestability, limitation of liability after reinstatement
1.
A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance.
[PL 1969, c. 132, §1 (NEW).]
2.
When any life insurance policy or annuity contract is reinstated, such reinstated policy or contract may exclude or restrict liability to the same extent that such liability could have been or was excluded or restricted when the policy or contract was originally issued, and such exclusion or restriction shall be effective from the date of reinstatement.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2536. Participating, nonparticipating policies -- right to issue

§2536. Participating, nonparticipating policies -- right to issue
A life insurer may issue policies on either the participating basis or the nonparticipating basis, or on both bases, if the right or absence of right of participation is reasonably related to the premium charged and the insurer is otherwise not in violation of sections 2159 (unfair discrimination -- life insurance, annuities, and health insurance) or 2160 (rebates -- life, health and annuity contracts).   [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2539. Holding proceeds of policies in trust

§2539. Holding proceeds of policies in trust
1.
Any domestic life insurer shall have power to hold the proceeds of any policy issued by it under a trust or other agreement upon such terms and restrictions as to revocation by the policyholder and control by the beneficiaries and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as shall have been agreed to in writing by the insurer and the policyholder.
[PL 1969, c. 132, §1 (NEW).]
2.
The insurer shall not be required to segregate funds so held but may hold them as a part of its general corporate assets.
[PL 1969, c. 132, §1 (NEW).]
3.
A foreign or alien insurer, when authorized by its charter or the laws of its domicile, may exercise any such powers with respect to policies issued to or held by residents of this State.
[PL 1969, c. 132, §1 (NEW).]
4.
Nothing in this section shall be construed to subject any such insurer to any other laws or requirements of this State which would not be deemed applicable in the absence of this section.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2540. "Wholesale life insurance" defined

§2540. "Wholesale life insurance" defined
"Wholesale life insurance" is that plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, under which individual policies are issued to the employees of any employer and where such policies are issued on the lives of not less than 3 employees at date of issue. Premiums for such policies must be paid either wholly from the employer's funds, or funds contributed by the employer, or partly from such funds and partly from funds contributed by the insured employees.   [PL 2023, c. 405, Pt. A, §87 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 204 (AMD). PL 1979, c. 141 (AMD). PL 2023, c. 405, Pt. A, §87 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2541. Short title

§2541. Short title
Sections 2541 to 2551 shall be known as the "Standard Nonforfeiture Law for Individual Deferred Annuities."   [PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2542. Applicability

§2542. Applicability
Sections 2541 to 2551 shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under the United States Internal Revenue Code, Section 408, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract which shall be delivered outside this State through an agent or other representative of the company issuing the contract.   [PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2543. Nonforfeiture provisions

§2543. Nonforfeiture provisions
1.
In the case of contracts issued on or after January 1, 1980, no contract of annuity, except as stated in section 2542, shall be delivered in this State unless it contains in substance the following provisions, or corresponding provisions which in the opinion of the superintendent are at least as favorable to the contract holder, upon cessation of payment of considerations under the contract:
A. Upon cessation of payment of considerations under a contract, the insurer will grant a paid-up annuity benefit on a plan stipulated in the contract of such value as is specified in sections 2545 to 2548 and section 2550;   [PL 1979, c. 442, §4 (NEW).]
B. If a contract provides for a lump sum settlement at maturity, or at any other time, upon surrender of the contract at or prior to the commencement of any annuity payments, the insurer will pay in lieu of any paid-up annuity benefit a cash surrender benefit of such amount as is specified in sections 2545 to 2548 and section 2550. The insurer shall reserve the right to defer the payment of the cash surrender benefit for a period of 6 months after demand therefor with surrender of the contract;   [PL 1979, c. 442, §4 (NEW).]
C. A statement of the mortality table, if any, and interest rates used in calculating any minimum paid-up annuity, cash surrender or death benefits that are guaranteed under the contract, together with sufficient information to determine the amounts of the benefits; and   [PL 1979, c. 442, §4 (NEW).]
D. A statement that any paid-up annuity, cash surrender or death benefits that may be available under the contract are not less than the minimum benefits required by any statute of the state in which the contract is delivered and an explanation of the manner in which the benefits are altered by the existence of any additional amounts credited by the insurer to the contract, any indebtedness to the insurer on the contract or any prior withdrawals from or partial surrenders of the contract.   [PL 1979, c. 442, §4 (NEW).]
[PL 1979, c. 442, §4 (NEW).]
2.
Notwithstanding the requirements of sections 2541 to 2551, any deferred annuity contract may provide that if no considerations have been received under a contract for a period of 2 full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from considerations paid prior to that period would be less than $20 monthly, the insurer may at its option terminate the contract by payment in cash of the then present value of that portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by that payment shall be relieved of any further obligation under that contract.
[PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2545. Computation of present value

§2545. Computation of present value
Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. The present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.   [PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2546. Calculation of cash surrender values

§2546. Calculation of cash surrender values
For contracts that provide cash surrender benefits, the cash surrender benefits available prior to maturity may not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit that would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, the present value being calculated on the basis of an interest rate not more than 1% higher than the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, decreased by the amount of any indebtedness to the insurer on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the insurer to the contract. In no event may any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under the contracts must be at least equal to the cash surrender benefit.   [PL 2017, c. 475, Pt. A, §40 (AMD).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW). PL 2017, c. 475, Pt. A, §40 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2547. Calculation of paid-up annuity benefits

§2547. Calculation of paid-up annuity benefits
For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, the present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, and increased by existing additional amounts credited by the insurer to the contract. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, the present values shall be calculated on the basis of the interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. In no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.   [PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2548. Maturity date

§2548. Maturity date
For the purpose of determining the benefits calculated under section 2546 and 2547, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's 70th birthday or the 10th anniversary of the contract, whichever is later.   [PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2549. Disclosure of limited death benefits

§2549. Disclosure of limited death benefits
Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that those benefits are not provided.   [PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2550. Inclusion of lapse of time considerations

§2550. Inclusion of lapse of time considerations
Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.   [PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2551. Proration of values; additional benefits

§2551. Proration of values; additional benefits
For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of sections 2545 to 2548 and section 2550, additional benefits payable, in the event of total and permanent disability, as reversionary annuity or deferred reversionary annuity benefits, or as other policy benefits additional to life insurance, endowment and annuity benefits, and considerations for all these additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits that may be required by sections 2541 to 2551. The inclusion of the additional benefits shall not be required in any paid-up benefits, unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits.   [PL 1979, c. 442, §4 (NEW).]
SECTION HISTORY
PL 1979, c. 442, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2552. Definitions

§2552. Definitions
For the purposes of sections 2553 and 2554 the "published monthly average" means:   [PL 1981, c. 188, §4 (NEW).]
1.
Moody's Corporate Bond Yield Average-Monthly Average Corporates as published by Moody's Investors Services, Inc. or any successor thereto; or
[PL 1981, c. 188, §4 (NEW).]
2.
In the event that Moody's Corporate Bond Yield Average-Monthly Average Corporates is no longer published, a substantially similar average, established by regulation issued by the superintendent.
[PL 1981, c. 188, §4 (NEW).]
SECTION HISTORY
PL 1981, c. 188, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2554. Applicability to existing policies

§2554. Applicability to existing policies
The provisions of sections 2552 and 2553 shall not impair any insurance contract issued before the effective date of this Act.   [PL 1981, c. 188, §4 (NEW).]
SECTION HISTORY
PL 1981, c. 188, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2555. Inclusion of nursing home benefits in life insurance policies

§2555. Inclusion of nursing home benefits in life insurance policies
1.
In order to offer a life insurance policy providing for acceleration of life insurance or annuity benefits in advance of the time the benefits would otherwise be payable because of confinement to a nursing home or long-term care facility, receipt of home health care or hospice care benefits, diagnosis of terminal illness or for substantially similar reasons, the insurer must have a certificate of authority to transact life or life and health insurance in this State.
[PL 1989, c. 26 (NEW).]
2.
The superintendent shall promulgate reasonable rules, in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, to provide for the full and fair disclosure of information in connection with the sale of the policies referred to in subsection 1, and may include, but are not limited to, definitions, acceptable restrictions on benefit payments, coverage periods and nonforfeiture requirements.
[PL 1989, c. 26 (NEW).]
SECTION HISTORY
PL 1989, c. 26 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2571. Eligibility (REPEALED)

§2571. Eligibility
(REPEALED)
SECTION HISTORY
PL 1977, c. 261, §2 (NEW). PL 1985, c. 779, §65 (AMD). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2572. Certificate of authority (REPEALED)

§2572. Certificate of authority
(REPEALED)
SECTION HISTORY
PL 1977, c. 261, §2 (NEW). PL 1981, c. 546, §1 (AMD). PL 1985, c. 779, §66 (AMD). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2573. Reserve requirements (REPEALED)

§2573. Reserve requirements
(REPEALED)
SECTION HISTORY
PL 1977, c. 261, §2 (NEW). PL 1981, c. 546, §2 (RPR). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2574. Filing Copies of Annuity Agreements (REPEALED)

§2574. Filing Copies of Annuity Agreements
(REPEALED)
SECTION HISTORY
PL 1977, c. 261, §2 (NEW). PL 1981, c. 546, §3 (RPR). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2574-A. Surplus funds (REPEALED)

§2574-A. Surplus funds
(REPEALED)
SECTION HISTORY
PL 1981, c. 546, §4 (NEW). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2575. Required contents of annuity agreement (REPEALED)

§2575. Required contents of annuity agreement
(REPEALED)
SECTION HISTORY
PL 1977, c. 261, §2 (NEW). PL 1981, c. 546, §§5,6 (AMD). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2576. Reinsurance (REPEALED)

§2576. Reinsurance
(REPEALED)
SECTION HISTORY
PL 1977, c. 261, §2 (NEW). PL 1981, c. 546, §7 (RPR). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2577. Examinations (REPEALED)

§2577. Examinations
(REPEALED)
SECTION HISTORY
PL 1977, c. 261, §2 (NEW). PL 1981, c. 546, §8 (RPR). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 30: ANNUITY AGREEMENTS WITH THE UNIVERSITY OF MAINE SYSTEM (REPEALED) › 24-A §2578. Exemptions (REPEALED)

§2578. Exemptions
(REPEALED)
SECTION HISTORY
PL 1977, c. 261, §2 (NEW). PL 1995, c. 375, §C6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2601. Scope of chapter -- short title

§2601. Scope of chapter -- short title
1.
This chapter applies only to group life insurance.
[PL 1969, c. 132, §1 (NEW).]
2.
This chapter does not apply to any contracts or policies entered into or issued prior to August 6, 1949 nor to any extensions, renewals or modifications thereof or amendments thereto whenever made.
[PL 1969, c. 132, §1 (NEW).]
3.
This chapter may be known and cited as the "Group Life Insurance Law."
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2602. Group contracts must meet group requirements (REPEALED)

§2602. Group contracts must meet group requirements
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 150, §1 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2602-A. Eligible groups

§2602-A. Eligible groups
Except as provided in section 2612‑A, no policy of group life insurance may be delivered in this State unless it conforms to one of the descriptions in sections 2603 to 2610‑A.   [PL 1981, c. 150, §2 (NEW).]
SECTION HISTORY
PL 1981, c. 150, §2 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2603. Employee groups

§2603. Employee groups
The lives of a group of individuals may be insured under a policy issued to an employer or to the trustees of a fund established by an employer, which employer or trustees are considered the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the following requirements.   [PL 1981, c. 150, §3 (RPR).]
1.
The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any class or classes thereof. The policy may provide that the term "employees" includes the employees of one or more subsidiary corporations, and the employees, individual proprietors and partners of one or more affiliated corporations, proprietorships or partnerships if the business of the employer and of the affiliated corporations, proprietorships or partnerships is under common control. The policy may provide that the term "employees" includes the individual proprietor or partners if the employer is an individual proprietorship or partnership. The policy may provide that the term "employees" includes retired employees and directors of a corporate employer. A policy issued to insure the employees of a public body may provide that the term "employees" includes elected or appointed officials.
[PL 1981, c. 150, §3 (RPR).]
2.
The premium for the policy shall be paid either from the employer's funds or from funds contributed by the insured employees, or from both. Except as provided in subsection 3, a policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, except those who reject that coverage in writing.
[PL 1981, c. 150, §3 (RPR).]
3.
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
[PL 1981, c. 150, §3 (RPR).]
4.
[PL 1981, c. 150, §3 (RP).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 150, §3 (RPR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2604. Debtor groups (REPEALED)

§2604. Debtor groups
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §41 (AMD). PL 1977, c. 672, §1 (AMD). PL 1979, c. 369 (AMD). PL 1979, c. 667, §2 (AMD). PL 1981, c. 150, §4 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2605. Labor union groups (REPEALED)

§2605. Labor union groups
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 150, §6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2605-A. Labor union groups

§2605-A. Labor union groups
The lives of a group of individuals may be insured under a policy issued to a labor union, or similar employee organization, which is considered to be the policyholder, to insure members of that union or organization for the benefit of persons other than the union or organization or any of its officials, representatives or agents, subject to the following requirements.   [PL 1981, c. 150, §7 (NEW).]
1.
The members eligible for insurance under the policy are all of the members of the union or organization, or all of any class or classes thereof.
[PL 1981, c. 150, §7 (NEW).]
2.
The premium for the policy shall be paid either from funds of the union or organization, or from funds contributed by the insured members specifically for their insurance, or from both. Except as provided in subsection 3, a policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members, except those who reject that coverage in writing.
[PL 1981, c. 150, §7 (NEW).]
3.
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
[PL 1981, c. 150, §7 (NEW).]
SECTION HISTORY
PL 1981, c. 150, §7 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2606. Trustee groups (REPEALED)

§2606. Trustee groups
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 150, §6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2606-A. Trustee groups

§2606-A. Trustee groups
The lives of a group of individuals may be insured under a policy issued to a trust or to the trustee or trustees of a fund established or adopted by 2 or more employers, or by one or more labor unions or similar employee organizations, or by one or more employers and one or more labor unions or similar employee organizations, which trust or trustees are considered the policyholder, to insure employees of the employers or members of the unions or organizations for the benefit of persons other than the employers or the unions or organizations, subject to the following requirements.   [PL 2011, c. 163, §2 (AMD).]
1.
The persons eligible for insurance are all of the employees of the employers or all of the members of the unions or organizations, or all of any class or classes thereof. The policy may provide that the term "employees" includes retired employees, the individual proprietor or partners if an employer is an individual proprietorship or a partnership, and directors of a corporate employer. The policy may provide that the term "employees" includes the trustees or their employees, or both, if their duties are principally connected with that trusteeship.
[PL 1981, c. 150, §7 (NEW).]
2.
The premium for the policy shall be paid from funds contributed by the employer or employers of the insured persons or by the union or unions or similar employee organizations, or by both, or from funds contributed by the insured persons or from both the insured persons and the employer or union or similar employee organization. Except as provided in subsection 3, a policy on which no part of the premium is to be derived from funds contributed by the insured persons specifically for their insurance must insure all eligible persons, except those who reject that coverage in writing.
[PL 1981, c. 150, §7 (NEW).]
3.
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
[PL 1981, c. 150, §7 (NEW).]
SECTION HISTORY
PL 1981, c. 150, §7 (NEW). PL 2011, c. 163, §2 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2607. Trade association groups (REPEALED)

§2607. Trade association groups
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1977, c. 655, §1 (AMD). PL 1977, c. 696, §372 (AMD). PL 1981, c. 150, §8 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2607-A. Association groups

§2607-A. Association groups
The lives of a group of individuals may be insured under a policy issued to an association or to a trust or to the trustee or trustees of a fund established, created or maintained for the benefit of members of one or more associations. The association or associations shall have at the outset a minimum of 50 persons; shall have been organized and maintained in good faith for purposes other than that of obtaining insurance; shall have been in active existence for at least 2 years; and shall have a constitution and bylaws which provides that: The association or associations hold regular meetings not less than annually to further purposes of the members; except for credit unions, the association or associations collect dues or solicit contributions from members; and the members have voting privileges and representation on the governing board and committees. The policy is subject to the following requirements.   [PL 1981, c. 150, §9 (NEW).]
1.
The policy may insure members of the association or associations, employees thereof or employees of members, or one or more of the preceding or all of any class or classes thereof for the benefit of persons other than the employees' employer.
[PL 1981, c. 150, §9 (NEW).]
2.
The premium for the policy shall be paid from funds contributed by the association or associations or by employer members, or by both, or from funds contributed by the covered persons or from both the covered persons and the association, associations or employer members.
[PL 1981, c. 150, §9 (NEW).]
3.
Except as provided in subsection 4, a policy on which no part of the premium is to be derived from funds contributed by the covered persons specifically for their insurance must insure all eligible persons, except those who reject that coverage in writing.
[PL 1981, c. 150, §9 (NEW).]
4.
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
[PL 1981, c. 150, §9 (NEW).]
SECTION HISTORY
PL 1981, c. 150, §9 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2608. Municipal employees association groups (REPEALED)

§2608. Municipal employees association groups
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 150, §10 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2609. Professional association groups (REPEALED)

§2609. Professional association groups
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §42 (AMD). PL 1981, c. 150, §11 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2610. Credit union groups (REPEALED)

§2610. Credit union groups
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 150, §12 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2610-A. Credit union groups

§2610-A. Credit union groups
The lives of a group of individuals may be insured under a policy issued to a credit union or to a trustee or trustees or agent designated by 2 or more credit unions, which credit union, trustee, trustees or agent is considered the policyholder, to insure members of the credit union or credit unions for the benefit of persons other than the credit union or credit unions, trustee or trustees or agent or any of their officials, subject to the following requirements.   [PL 1981, c. 150, §13 (NEW).]
1.
The members eligible for insurance are all of the members of the credit union or credit unions or all of any class or classes thereof.
[PL 1981, c. 150, §13 (NEW).]
2.
The premium for the policy shall be paid by the policyholder from the credit union's funds and, except as provided in subsection 3, must insure all eligible members.
[PL 1981, c. 150, §13 (NEW).]
3.
An insurer may exclude or limit the coverage on any member as to whom evidence of individual insurability is not satisfactory to the insurer.
[PL 1981, c. 150, §13 (NEW).]
SECTION HISTORY
PL 1981, c. 150, §13 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2611. Dependents' coverage (REPEALED)

§2611. Dependents' coverage
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 433, §62 (AMD). PL 1971, c. 598, §50 (AMD). PL 1973, c. 125 (AMD). PL 1975, c. 203 (AMD). PL 1979, c. 102 (AMD). PL 1981, c. 150, §14 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2611-A. Dependent's coverage

§2611-A. Dependent's coverage
Except for a policy issued under section 2604‑A, a group life insurance policy may insure the lives of spouses and dependent children of employees or members against loss due to death without also insuring employees or members against loss due to the death of their spouses and dependent children, or any class or classes thereof, subject to the following.   [PL 1993, c. 132, §1 (AMD).]
1.
The premium for the insurance must be paid either from funds contributed by the employer, union, association or other person to whom the policy has been issued or from funds contributed by employees or members, or from both. Except as provided in subsection 2, a policy on which no part of the premium for the spouse's and dependent child's coverage is to be derived from funds contributed by employees or members, spouses or dependent children must insure all eligible employees or members with respect to their spouses and dependent children, or all eligible spouses and dependent children, or any class or classes thereof.
[PL 1993, c. 132, §1 (AMD).]
2.
An insurer may exclude or limit the coverage on any spouse or dependent child as to whom evidence of individual insurability is not satisfactory to the insurer.
[PL 1981, c. 150, §15 (NEW).]
3.
[PL 1993, c. 132, §1 (RP).]
SECTION HISTORY
PL 1981, c. 150, §15 (NEW). PL 1993, c. 132, §1 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2612. Limit as to amount of insurance (REPEALED)

§2612. Limit as to amount of insurance
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1975, c. 202 (AMD). PL 1977, c. 95 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2612-A. Other groups

§2612-A. Other groups
Group life insurance offered to a resident of this State under a group life insurance policy issued to a group other than one described in sections 2602‑A to 2610‑A is subject to the following requirements.   [PL 1981, c. 150, §16 (NEW).]
1.
No group life insurance policy may be delivered in this State, pursuant to this section, unless the superintendent finds that:
A. The policyholder is a bona fide group formed for purposes other than the procurement of insurance;   [PL 1987, c. 476, §2 (AMD).]
B. The issuance of the group policy would be actuarially sound;   [PL 1981, c. 150, §16 (NEW).]
C. The issuance of the group policy would result in economies of acquisition or administration; and   [PL 1987, c. 476, §2 (AMD).]
D. The benefits are reasonable in relation to the premiums charged.   [PL 1981, c. 150, §16 (NEW).]
[PL 1987, c. 476, §2 (AMD).]
2.
No group life insurance coverage may be offered in this State, pursuant to this section, by an insurer under a policy issued in another state, unless the superintendent has made a determination that the requirements of subsection 1, paragraphs A, B, C and D have been met.
[PL 1987, c. 476, §3 (RPR).]
2-A.
Notwithstanding subsections 1 and 2, an employee leasing company registered pursuant to Title 32, chapter 125 qualifies as an eligible group for purposes of the purchase of group life insurance as provided in this section.
[PL 1995, c. 618, §2 (NEW).]
3.
The premium for the policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both.
[PL 1981, c. 150, §16 (NEW).]
4.
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
[PL 1981, c. 150, §16 (NEW).]
SECTION HISTORY
PL 1981, c. 150, §16 (NEW). PL 1987, c. 476, §§2,3 (AMD). PL 1995, c. 618, §2 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 31: GROUP LIFE INSURANCE › 24-A §2613. Provisions required in group contracts

§2613. Provisions required in group contracts
No policy of group life insurance may be delivered in this State unless it contains in substance the provisions set forth in this section and sections 2614 to 2628, or provisions which in the opinion of the superintendent are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder, provided:   [PL 1981, c. 150, §17 (RPR).]
1.
That sections 2619 to 2623 and section 2628 do not apply to policies insuring the lives of debtors;
[PL 1981, c. 150, §17 (RPR).]
2.
That the standard provisions required for individual life insurance policies do not apply to group life insurance policies; and
[PL 1981, c. 150, §17 (RPR).]
3.
That if the group life insurance policy is on a plan of insurance other than the term plan, it contains a nonforfeiture provision or provisions which in the opinion of the superintendent is or are equitable to the insured persons and to the policyholder, but nothing herein may be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.
[PL 1981, c. 150, §17 (RPR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §43 (AMD). PL 1973, c. 585, §12 (AMD). PL 1981, c. 150, §17 (RPR).