reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 27: THE INSURANCE CONTRACT › 24-A §2450. Eligibility for health insurance in certain cases

§2450. Eligibility for health insurance in certain cases
No policy of accident or health insurance, or group or blanket accident or health insurance or renewals thereof, shall be denied or not renewed by the insurer, solely because the mother of the insured has taken or is discovered to have taken diethylstilbestrol, commonly referred to as DES.   [PL 1979, c. 415, §3 (NEW).]
SECTION HISTORY
PL 1979, c. 415, §3 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 27: THE INSURANCE CONTRACT › 24-A §2451. Minimum 3-month policy for motor vehicle liability insurance (REPEALED)

§2451. Minimum 3-month policy for motor vehicle liability insurance
(REPEALED)
SECTION HISTORY
PL 1987, c. 341, §§2,7 (NEW). MRSA T. 24-A §2451 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 27: THE INSURANCE CONTRACT › 24-A §2452. Employee benefit excess insurance; nondiscrimination; prohibited clauses

§2452. Employee benefit excess insurance; nondiscrimination; prohibited clauses
1.  Discrimination prohibited.
A policy of employee benefit excess insurance may not discriminate unfairly among or against beneficiaries of the underlying benefit plan, or treat conditions related to the Human Immunodeficiency Virus, or HIV, more restrictively than other sicknesses or disabling conditions.
[PL 1991, c. 385, §11 (NEW).]
2.  Commutation clause.
A policy of employee benefit excess insurance may not contain a commutation clause that extinguishes the excess carrier's gross claims liability to the insured person through the recapture of loss reserves, unless the policy contains a provision giving the insured the option of requiring that the funds transferred in support of such a commutation have been evaluated by a qualified health actuary who is a member of the American Academy of Actuaries and has certified that the aggregate value of reserves to be recaptured are reasonably adequate to discharge the insured's expected liability for future costs of the health benefits covered by the excess policy.
[PL 1991, c. 385, §11 (NEW).]
3.  Review.
An employee benefit excess insurance form is not exempt from the review provisions otherwise applicable under section 2412 on the ground that the form is designed for insurance on a particular subject.
[PL 1991, c. 385, §11 (NEW).]
SECTION HISTORY
PL 1991, c. 385, §11 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 27: THE INSURANCE CONTRACT › 24-A §2453. Effective date of cancellation

§2453. Effective date of cancellation
Life and health insurance policies that do not provide for any refund of premium when a policyholder requests cancellation prior to the end of the period for which premiums have been paid must state that no refund is payable and that the cancellation will take effect at the end of the period for which premiums have been paid unless the policyholder requests an earlier cancellation date. If a policyholder requests cancellation of a contract before the end of the period for which premiums have been paid, then the insurer must inform the policyholder in writing that no refund is payable and give the policyholder an opportunity to amend the cancellation request to take effect at the end of the period for which premiums have been paid.   [PL 1997, c. 604, Pt. F, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 604, §F2 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2471. Short title -- Article 1

§2471. Short title -- Article 1
This chapter may be known and cited as "the Interstate Insurance Product Regulation Compact."   [PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2472. Interstate Insurance Product Regulation Compact established; purposes

§2472. Interstate Insurance Product Regulation Compact established; purposes
1.  Compact established.
Pursuant to terms and conditions of this chapter, the State seeks to join with other states and establish the Interstate Insurance Product Regulation Compact, referred to in this chapter as "the compact," and thus become a member of the Interstate Insurance Product Regulation Commission. The superintendent is designated to serve as the representative of this State to the commission.
[PL 2003, c. 680, §1 (NEW).]
2.  Purposes.
The purposes of this compact are, through means of joint and cooperative action among the compacting states:
A. To promote and protect the interest of consumers of individual and group annuity, life, disability income and long-term care insurance products;   [PL 2003, c. 680, §1 (NEW).]
B. To develop uniform standards for insurance products covered under the compact;   [PL 2003, c. 680, §1 (NEW).]
C. To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting states;   [PL 2003, c. 680, §1 (NEW).]
D. To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard;   [PL 2003, c. 680, §1 (NEW).]
E. To improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact;   [PL 2003, c. 680, §1 (NEW).]
F. To create the Interstate Insurance Product Regulation Commission; and   [PL 2003, c. 680, §1 (NEW).]
G. To perform these and such other related functions as may be consistent with the state regulation of the business of insurance.   [PL 2003, c. 680, §1 (NEW).]
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2474. Establishment of commission; venue -- Article 3

§2474. Establishment of commission; venue -- Article 3
1.  Commission created.
The compacting states hereby create and establish a joint public agency known as the Interstate Insurance Product Regulation Commission. The commission has the power to develop uniform standards for product lines, receive and provide prompt review of products filed and give approval to those product filings satisfying applicable uniform standards. It is not intended that the commission be the exclusive entity for receipt and review of insurance product filings in the State. This subsection does not prohibit an insurer from filing its product in a state where the insurer is licensed to conduct the business of insurance, and any such filing is subject to the laws of the state where filed.
[PL 2003, c. 680, §1 (NEW).]
2.  Body corporate.
The commission is a body corporate and politic and an instrumentality of the compacting states.
[PL 2003, c. 680, §1 (NEW).]
3.  Responsible for liabilities.
The commission is solely responsible for its liabilities except as otherwise specifically provided in the compact.
[PL 2003, c. 680, §1 (NEW).]
4.  Venue.
Proper and judicial proceedings by or against the commission must be brought solely and exclusively in a court of competent jurisdiction where the principal office of the commission is located.
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2477. Meetings; acts of commission -- Article 6

§2477. Meetings; acts of commission -- Article 6
1.  Meetings.
The commission shall meet and take such actions as are consistent with the provisions of this compact and the bylaws.
[PL 2003, c. 680, §1 (NEW).]
2.  Participate at meetings.
Each member of the commission has the right and power to cast the vote to which the member's compacting state is entitled and to participate in the business and affairs of the commission. A member shall vote in person or by such other means as provided in the bylaws. The bylaws may provide for members' participation in meetings by telephone or other means of communication.
[PL 2003, c. 680, §1 (NEW).]
3.  Annual meeting.
The commission shall meet at least once during each calendar year. Additional meetings are held as set forth in the bylaws.
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2480. Dispute resolution -- Article 9

§2480. Dispute resolution -- Article 9
The commission shall attempt, upon the request of a member, to resolve any disputes or other issues that are subject to this compact and that may arise between 2 or more compacting states, or between compacting states and noncompacting states, and the commission shall promulgate an operating procedure providing for resolution of such disputes.   [PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2481. Product filing and approval -- Article 10

§2481. Product filing and approval -- Article 10
1.  Filing of product with commission.
Insurers and 3rd-party filers seeking to have a product approved by the commission shall file the product with, and pay applicable filing fees to, the commission. Nothing in this chapter may be construed to restrict or otherwise prevent an insurer from filing its product with the insurance department in any state where the insurer is licensed to conduct the business of insurance, and such filing is subject to the laws of the states where filed.
[PL 2003, c. 680, §1 (NEW).]
2.  Commission to establish filing and review processes.
The commission shall establish appropriate filing and review processes and procedures pursuant to commission rules and operating procedures. Notwithstanding any other provision of this chapter, the commission shall promulgate rules to establish conditions and procedures for providing public access to product filing information. In establishing such rules, the commission shall consider the interests of the public in having access to such information, as well as protection of personal medical and financial information and trade secrets that may be contained in a product filing or supporting information.
[PL 2003, c. 680, §1 (NEW).]
3.  Product approved by commission may be sold in certain compacting states.
Any product approved by the commission may be sold or otherwise issued in those compacting states in which the insurer is legally authorized to do business.
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2482. Review of commission decisions regarding filings -- Article 11

§2482. Review of commission decisions regarding filings -- Article 11
1.  Appeal to review panel appointed by commission.
Not later than 30 days after the commission has given notice of a disapproved product or advertisement filed with the commission, the insurer or 3rd-party filer whose filing was disapproved may appeal the determination to a review panel appointed by the commission. The commission shall promulgate rules to establish procedures for appointing a review panel and provide for notice and hearing. An allegation that the commission, in disapproving a product or advertisement filed with the commission, acted arbitrarily, capriciously or in a manner that is an abuse of discretion or otherwise not in accordance with the law is subject to judicial review in accordance with section 2474, subsection 4.
[PL 2023, c. 405, Pt. A, §86 (AMD).]
2.  Commission may monitor, review and reconsider.
The commission has authority to monitor, review and reconsider products and advertisements subsequent to their filing or approval upon a finding that the product does not meet the relevant uniform standard. Where appropriate, the commission may withdraw or modify its approval after proper notice and hearing, subject to the appeal process in subsection 1.
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW). PL 2023, c. 405, Pt. A, §86 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2484. Compacting states, effective date and amendment -- Article 13

§2484. Compacting states, effective date and amendment -- Article 13
1.  Any state eligible to become compacting state.
Any state is eligible to become a compacting state.
[PL 2003, c. 680, §1 (NEW).]
2.  Effective dates for compact and commission.
The compact becomes effective and binding upon legislative enactment by 2 compacting states. The commission becomes effective for purposes of adopting uniform standards for, reviewing and giving approval or disapproval of products filed with the commission only after 26 states are compacting states or, alternatively, after states representing more than 40% of the premium volume for life insurance, annuity, disability income and long-term care insurance products, based on records of the National Association of Insurance Commissioners for the prior year, are compacting states. Thereafter, it becomes effective and binding as to any other compacting state upon enactment of the compact into law by that state.
[PL 2003, c. 680, §1 (NEW).]
3.  Amendments to the compact.
Amendments to the compact may be proposed by the commission for enactment by the compacting states. An amendment does not become effective and binding upon the commission and the compacting states unless and until all compacting states enact the amendment into law.
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2486. Construction -- Article 15

§2486. Construction -- Article 15
The provisions of this compact must be liberally construed to effectuate its purposes.   [PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 28: INTERSTATE INSURANCE PRODUCT REGULATION COMPACT › 24-A §2487. Binding effect of compact and other laws -- Article 16

§2487. Binding effect of compact and other laws -- Article 16
1.  Laws of compacting state.
Nothing in this chapter prevents the enforcement of any laws of a compacting state other than this compact, except as provided in subsection 2.
[PL 2003, c. 680, §1 (NEW).]
2.  Exclusive provisions.
For any product approved by or certified to the commission, the rules, uniform standards and any other requirements of the commission constitute the exclusive provisions applicable to the content, approval and certification of that product. For an advertisement that is subject to the commission's authority, any rule, uniform standard or other requirement of the commission that governs the content of the advertisement constitutes the exclusive provision that a commissioner may apply to the content of the advertisement. Notwithstanding this subsection, an action taken by the commission may not abrogate or restrict:
A. The access of any person to state courts;   [PL 2003, c. 680, §1 (NEW).]
B. Remedies available under state law related to breach of contract, tort or other laws not specifically directed to the content of the product;   [PL 2003, c. 680, §1 (NEW).]
C. State law relating to the construction of insurance contracts; or   [PL 2003, c. 680, §1 (NEW).]
D. The authority of the attorney general of the state, including, but not limited to, maintaining any actions or proceedings, as authorized by law.   [PL 2003, c. 680, §1 (NEW).]
[PL 2003, c. 680, §1 (NEW).]
3.  Insurance products subject to laws.
All insurance products filed with individual states are subject to the laws of those states.
[PL 2003, c. 680, §1 (NEW).]
4.  Binding effect of compact.
The compact is binding as follows.
A. All lawful actions of the commission, including all rules and operating procedures promulgated by the commission, are binding upon the compacting states.   [PL 2003, c. 680, §1 (NEW).]
B. All agreements between the commission and the compacting states are binding in accordance with their terms.   [PL 2003, c. 680, §1 (NEW).]
C. Upon the request of a party to a conflict over the meaning or interpretation of commission actions, and upon a majority vote of the compacting states, the commission may issue advisory opinions regarding the meaning or interpretation in dispute.   [PL 2003, c. 680, §1 (NEW).]
D. In the event any provision of this compact exceeds the constitutional limits imposed on the legislature of a compacting state, the obligation, duty, power or jurisdiction sought to be conferred by that provision upon the commission is ineffective as to that compacting state, and that obligation, duty, power or jurisdiction remains in the compacting state and must be exercised by the agency thereof to which that obligation, duty, power or jurisdiction is delegated by law in effect at the time this compact becomes effective.   [PL 2003, c. 680, §1 (NEW).]
[PL 2003, c. 680, §1 (NEW).]
SECTION HISTORY
PL 2003, c. 680, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2501. Scope of chapter

§2501. Scope of chapter
This chapter applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities, except that:   [PL 2009, c. 244, Pt. I, §1 (AMD).]
1.
Section 2537 also applies as to group life insurance and group annuity contracts; and
[PL 2009, c. 244, Pt. I, §1 (NEW).]
2.
Sections 2541 to 2551 apply to group annuities other than those exempted by section 2542.
[PL 2009, c. 244, Pt. I, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 560, §2 (AMD). PL 1977, c. 261, §1 (AMD). PL 1995, c. 375, §C5 (AMD). PL 2009, c. 244, Pt. I, §1 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2502. Industrial life insurance defined

§2502. Industrial life insurance defined
For the purposes of this Title "industrial life insurance" is that form of life insurance written under policies of face amount of $2,500 or less bearing the words "industrial policy," or "weekly premium policy" or words of similar import imprinted on the face thereof as part of the descriptive matter, and under which premiums are payable monthly or more often.   [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 §2503. Standard provisions required

§2503. Standard provisions required
1.
No policy of life insurance other than pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this State unless it contains in substance all of the applicable provisions required by sections 2504 to 2515. This section shall not apply to annuity contracts nor to any provision of a life insurance policy, or contract supplemental thereto, relating to disability benefits or to additional benefits in the event of death by accident or accidental means.
[PL 1969, c. 132, §1 (NEW).]
2.
Any of such provisions or portions thereof not applicable to single premium or nonparticipating or term policies or insurance granted in exchange for lapsed or surrendered policies shall to that extent not be incorporated therein.
[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 §2504. Payment of premiums

§2504. Payment of premiums
There shall be a provision relating to the time and place of payment of premiums.   [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 §2505. Grace period

§2505. Grace period
There shall be a provision that a grace period of 30 days, or, at the option of the insurer, of one month of not less than 30 days, or of 4 weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force. The insurer may impose an interest charge not in excess of 6% per annum for the number of days of grace elapsing before the payment of the premium, and, whether or not such interest charge is imposed, if a claim arises under the policy during such period of grace the amount of any premium due or overdue, together with interest and any deferred installment of the annual premium, may be deducted from the policy proceeds. Grace shall date from the premium due date specified in the policy.   [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 §2506. Entire contract

§2506. Entire contract
There shall be a provision that except as otherwise expressly provided by law, the policy and the application therefor, if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained in the application shall, in the absence of fraud, be deemed representations and not warranties.   [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 §2507. Incontestability

§2507. Incontestability
There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of not more than 2 years after its date of issue, except for nonpayment of premiums and, at the insurer's option, provisions relating to benefits in the event of total and permanent disability and provisions granting additional benefits specifically against death by accident or accidental means.   [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 §2508. Misstatement of age

§2508. Misstatement of age
There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages.   [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 §2509. Dividends

§2509. Dividends
1.
There shall be a provision in participating policies that, beginning not later than the end of the 3rd policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy provided the policy is in force and all premiums to that date are paid. Except as hereinafter provided, any dividend becoming payable shall at the option of the party entitled to elect such option be either:
A. Payable in cash, or   [PL 1969, c. 132, §1 (NEW).]
B. Applied to any one of such other dividend options as may be provided by the policy. If any such other dividend options are provided, the policy shall further state which option shall be automatically effective if such party shall not have elected some other option. If the policy specifies a period within which such other dividend option may be elected, such period shall be not less than 30 days following the date on which such dividend is due and payable. The annually apportioned dividend shall be deemed to be payable in cash within the meaning of paragraph A even though the policy provides that payment of such dividend is to be deferred for a specified period, provided such period does not exceed 6 years from the date of apportionment and that interest will be added to such dividend at a specified rate.   [RR 2011, c. 1, §38 (COR).]
[RR 2011, c. 1, §38 (COR).]
2.
Renewable term policies of 10 years or less may provide that the surplus accrued to such policies shall be determined and apportioned each year after the second policy year, and accumulated during each renewal period, and that at the end of the renewal period, on renewal of the policy by the insured, the insurer shall apply the accumulated surplus as an annuity for the next succeeding renewal term in the reduction of premiums.
[PL 1969, c. 132, §1 (NEW).]
3.
In participating industrial life insurance policies, in lieu of the provision required in subsection 1, there shall be a provision that, beginning not later than the end of the 5th policy year, the policy shall participate annually in the divisible surplus, if any, in the manner set forth in the policy.
[PL 1969, c. 132, §1 (NEW).]
4.
This section does not apply as to insurance issued in consideration of lapsed or surrendered policies.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). RR 2011, c. 1, §38 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2510. Policy loan

§2510. Policy loan
1.
There shall be a provision that after 3 full years' premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignment or pledge of the policy and on the sole security thereof, at a rate of interest as specified in sections 2552 to 2554, an amount equal to or, at the option of the party entitled thereto, less than the loan value of the policy. The loan value of the policy shall be at least equal to the cash surrender value at the end of the then current policy year, and the insurer may deduct, either from such loan value or from the proceeds of the loan, any existing indebtedness not already deducted in determining such cash surrender value including any interest then accrued but not due, any unpaid balance of the premium for the current policy year, and interest on the loan to the end of the current policy year. The policy may also provide that if interest on any indebtedness is not paid when due, it shall then be added to the existing indebtedness and shall bear interest at the same rate, and that if and when the total indebtedness on the policy, including interest due or accrued, equals or exceeds the amount of the loan value thereof, then the policy shall terminate and become void, but not until at least 30 days' notice has been mailed by the insurer to the last address, of record with the insurer, of the insured or other policy owner and of any assignee of record at the insurer's home office. The policy shall reserve to the insurer the right to defer the granting of a loan, other than for the payment of any premium to the insurer, for 6 months after application therefor. Such provision shall also contain a table showing in figures the loan values each year during the first 20 years of the policy, or during the term of the policy, whichever is shorter. The policy, at the insurer's option, may provide for automatic premium loan.
[PL 1981, c. 698, §108 (AMD).]
2.
This section shall not apply to term policies or to term insurance benefits provided by rider or supplemental policy provisions or to industrial life insurance policies.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 188, §1 (AMD). PL 1981, c. 698, §108 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2511. Table of installments

§2511. Table of installments
In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments.   [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 §2512. Reinstatement

§2512. Reinstatement
There shall be a provision that unless:   [PL 1969, c. 132, §1 (NEW).]
1.
The policy has been surrendered for its cash surrender value;
[PL 1981, c. 188, §2 (AMD).]
2.
Its cash surrender value has been exhausted; or
[PL 1969, c. 132, §1 (NEW).]
3.
The paid-up term insurance, if any, has expired;
the policy will be reinstated at any time within 3 years, or 2 years in the case of industrial life insurance policies, from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears with interest at a rate not exceeding 6% per annum compounded annually and the payment or reinstatement of any other indebtedness to the insurer upon the policy with interest at the policy loan interest rate.
[PL 1969, c. 132, §1 (NEW); PL 1981, c. 188, §2 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 188, §2 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2513. Payment of claims

§2513. Payment of claims
There shall be a provision that when the benefits under the policy shall become payable by reason of the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy and proof of the interest of the claimant. If an insurer shall specify a particular period prior to the expiration of which settlement shall be made, such period shall not exceed 2 months from the receipt of such proofs.   [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 §2514. Beneficiary, industrial policies

§2514. Beneficiary, industrial policies
An industrial life insurance policy shall have the name of the beneficiary designated thereon or in the application or other form if attached to the policy, with a reservation of the right to designate or change the beneficiary after the issuance of the policy, unless such beneficiary be irrevocably designated. The policy may also provide that no designation or change of beneficiary shall be binding on the insurer until endorsed on the policy by the insurer, and that the insurer may refuse to endorse the name of any proposed beneficiary who does not appear to the insurer to have an insurable interest in the life of the insured. The policy may also provide that if the beneficiary designated in the policy does not make a claim under the policy or does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than 30 days after the death of the insured, or if the beneficiary is the estate of the insured, or is a minor, or dies before the insured, or is not legally competent to give a valid release, then the insurer may make any payment thereunder to the executor or administrator of the insured, or to any relative of the insured by blood or legal adoption or connection by marriage, or to any person appearing to the insurer to be equitably entitled thereto by reason of having been named beneficiary, or by reason of having incurred expense for the maintenance, medical attention or burial of the insured. The policy may also include a similar provision applicable to any other payment due under the policy.   [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 §2515. Title

§2515. Title
There shall be a title on the policy, briefly describing the same.   [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 §2515-A. Right to examine and return policy

§2515-A. Right to examine and return policy
1.
Every individual life insurance policy delivered or issued for delivery in this State after December 31, 1976, shall contain a provision therein, or in a separate rider attached thereto when delivered, stating in substance that the person to whom the policy is issued shall be permitted to return the policy within 10 days of its delivery to such person and to have a refund of the premium paid, if after examination of the policy the purchaser is not satisfied with it for any reason. The provision shall be set forth in the policy under an appropriate caption and, if not so printed on the face page of the policy, adequate notice of the provision shall be printed or stamped conspicuously on the face page.
[PL 1975, c. 168 (NEW).]
2.
The policy may be so returned to the insurer at its home or branch office or to the agent through whom it was applied for, and thereupon shall be void as from the beginning and as if the policy had not been issued.
[PL 1975, c. 168 (NEW).]
SECTION HISTORY
PL 1975, c. 168 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2516. Excluded or restricted coverage

§2516. Excluded or restricted coverage
A clause in any policy of life insurance policy or annuity contract providing that such policy or contract shall be incontestable after a specified period shall preclude only a contest of the validity of the policy or contract, and shall not preclude the assertion at any time of defenses based upon provisions in the policy or contract which exclude or restrict coverage, whether or not such restrictions or exclusions are excepted in such clause.   [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 §2517. Standard provisions -- annuity and pure endowment contracts

§2517. Standard provisions -- annuity and pure endowment contracts
1.
No annuity or pure endowment contract, other than reversionary annuities, also called survivorship annuities, or group annuities and except as stated herein, shall be delivered or issued for delivery in this State unless it contains in substance each of the provisions specified in sections 2518 to 2523. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
[PL 1969, c. 132, §1 (NEW).]
2.
This section shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies, nor to variable annuity contracts.
[PL 1969, c. 132, §1 (NEW).]
3.
The superintendent shall adopt rules regarding the suitability of sales of annuities for the purpose of protecting the consumer and furthering uniformity of laws with other states. Rules adopted pursuant to this section are routine technical rules pursuant to Title 5, chapter 375, subchapter 2‑A.
[PL 2005, c. 65, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 2005, c. 65, §B1 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2518. Grace period -- annuities

§2518. Grace period -- annuities
In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer to an interest charge thereon at a rate to be specified in the contract but not exceeding 6% per annum for the number of days of grace elapsing before such payment, during which period of grace the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.   [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 §2519. Incontestability -- annuities

§2519. Incontestability -- annuities
If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, and subject to section 2521, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of 2 years from its date of issue, except for nonpayment of stipulated payments to the insurer; and at the option of the insurer such contract may also except any provisions relative to benefits in the event of disability and any provisions which grant insurance specifically against death by accident or accidental means.   [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 §2520. Entire contract -- annuities

§2520. Entire contract -- annuities
In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.   [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 §2521. Misstatement of age or sex -- annuities

§2521. Misstatement of age or sex -- annuities
In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof with interest at the rate to be specified in the contract but not exceeding 6% per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract.   [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 §2522. Dividends -- annuities

§2522. Dividends -- annuities
If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.   [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 §2523. Reinstatement -- annuities

§2523. Reinstatement -- annuities
In an annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments shall be paid with interest thereon at a rate to be specified in the contract but not exceeding 6% per annum payable annually and the payment or reinstatement of any other indebtedness to the insurer upon the contract with interest at the policy loan interest rate, and in cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.   [PL 1981, c. 188, §3 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 188, §3 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2524. Standard provisions -- reversionary annuities

§2524. Standard provisions -- reversionary annuities
1.
Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this State unless it contains in substance each of the following provisions:
A. Any such reversionary annuity contract shall contain the provisions specified in sections 2518 to 2522, except that under section 2518 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue payment in lieu of providing for deduction of such payments from an amount payable upon settlement under the contract.   [PL 1969, c. 132, §1 (NEW).]
B. In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within 3 years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding 6% per annum compounded annually.   [PL 1969, c. 132, §1 (NEW).]
[PL 1969, c. 132, §1 (NEW).]
2.
This section shall not apply to group annuities, variable annuities, or to annuities included in life insurance policies, and any of such provisions not applicable to single premium annuities shall not to that extent be incorporated therein.
[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 §2526. Prohibited provisions

§2526. Prohibited provisions
1.
No life insurance policy, other than industrial insurance, shall be delivered or issued for delivery in this State, if it contains any of the following provisions:
A. A provision by which the policy purports to be issued or to take effect more than one year before the original application for the insurance was made.   [PL 1969, c. 132, §1 (NEW).]
B. A provision for any mode of settlement at maturity of the policy of less value than the amount insured under the policy, plus dividend additions, if any, less any indebtedness to the insurer on or secured by the policy and less any premium that may by the terms of the policy be deducted.   [PL 1969, c. 132, §1 (NEW).]
C. A provision to the effect that the agent soliciting the insurance is the agent of the person insured under the policy, or making the acts or representations of such agent binding upon the person so insured under the policy.   [PL 1969, c. 132, §1 (NEW).]
[PL 1969, c. 132, §1 (NEW).]
2.
No policy of industrial life insurance shall be delivered or issued for delivery in this State if it contains any of the following provisions:
A. A provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer.   [PL 1969, c. 132, §1 (NEW).]
B. A provision giving the insurer the right to declare the policy void because the insured has had any disease or ailment, whether specified or not, or because the insured has received institutional, hospital, medical or surgical treatment or attention, except a provision which gives the insurer the right to declare the policy void if the insured has, within 2 years prior to the issuance of the policy, received institutional, hospital, medical or surgical treatment or attention and if the insured or claimant under the policy fails to show that the condition occasioning such treatment or attention was not of a serious nature or was not material to the risk.   [PL 1969, c. 132, §1 (NEW).]
C. A provision giving the insurer the right to declare the policy void because the insured has been rejected for insurance, unless such right be conditioned upon a showing by the insurer that knowledge of such rejection would have led to a refusal by the insurer to make such contract.   [PL 1969, c. 132, §1 (NEW).]
[PL 1969, c. 132, §1 (NEW).]
3.
No insurer shall provide in any policy, certificate, contract or agreement of life insurance for the payment of any insurance, indemnity or benefit in services, goods, wares or merchandise of any kind.
[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 §2526-A. Acquired Immune Deficiency Syndrome

§2526-A. Acquired Immune Deficiency Syndrome
No individual policy of life insurance delivered or issued for delivery in this State may provide more restrictive coverage for death resulting from Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC) or HIV related diseases than for death resulting from any other disease or sickness or exclude coverage for death resulting from AIDS, ARC or HIV related diseases. This section shall not apply to death by accident or accidental means.   [PL 1989, c. 176, §3 (NEW).]
SECTION HISTORY
PL 1989, c. 176, §3 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS › 24-A §2527. Provisions required by law of other jurisdiction

§2527. Provisions required by law of other jurisdiction
The policies of a foreign life insurer may contain any provision which the law of the state, territory, district, or country under which the insurer is organized prescribes shall be in such policies when issued in this State, and the policies of a domestic life insurer may, when issued or delivered in any other state, territory, district, or country, contain any provisions required by the laws thereof, anything in this chapter to the contrary notwithstanding.   [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 §2528. Short title

§2528. Short title
Sections 2528 to 2534 shall be known as the "Standard Nonforfeiture Law for Life Insurance."   [PL 1979, c. 442, §1 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1979, c. 442, §1 (AMD).