reglab/statecodes huggingface dataset:
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 275 - Medicare Supplement Insurance › Section 031-275-23 - Prohibition Against Preexisting Conditions, Waiting Periods, Elimination Periods, and Probationary Periods in Replacement Policies or Certificates

Current through 2024-29, July 17, 2024
A. If a Medicare supplement policy or
				certificate replaces another Medicare supplement or Medicare Advantage policy
				or certificate within 90 days, the replacing issuer shall waive any time
				periods applicable to preexisting conditions, waiting periods, elimination
				periods, and probationary periods in the new Medicare supplement policy or
				certificate for similar benefits to the extent such time was spent under the
				original policy.
B. If a Medicare
				supplement policy or certificate replaces another Medicare supplement or
				Medicare Advantage policy or certificate which has been in effect for at least
				six (6) months, the replacing policy shall not provide any time period
				applicable to preexisting conditions, waiting periods, elimination periods, and
				probationary periods for benefits similar to those contained in the original
				policy or certificate.
C. If a
				Medicare supplement plan A is issued on a guaranteed issue basis pursuant to
				24-A M.R.S.A.
				§5012, the issuer shall not apply a
				preexisting condition exclusion, waiting period, elimination period, or
				probationary period.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 275 - Medicare Supplement Insurance › Section 031-275-24 - Prohibition Against Use of Genetic Information and Requests for Genetic Testing

Current through 2024-29, July 17, 2024
This section applies to all policies with policy years
				  beginning on or after the effective date of the 2009 amendments to this
				  Rule.
Drafting Note:
The
				  federal Genetic Information Nondiscrimination Act of 2008 (GINA) requires
				  issuers to comply with GINA requirements identical to those set forth in this
				  section by May 21, 2009.
A.
				An issuer of a Medicare supplement policy or certificate:
(1) Shall not deny or condition the issuance
				or effectiveness of the policy or certificate (including the imposition of any
				exclusion of benefits under the policy based on a pre-existing condition) on
				the basis of the genetic information with respect to such individual;
				and
(2) Shall not discriminate in
				the pricing of the policy or certificate (including the adjustment of premium
				rates) of an individual on the basis of the genetic information with respect to
				such individual.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 275 - Medicare Supplement Insurance › Section 031-275-25 - Separability

Current through 2024-29, July 17, 2024
If any provision of this Rule or the application thereof to
				  any person or circumstance is for any reason held to be invalid, the remainder
				  of the Rule and the application of such provision to other persons or
				  circumstances shall not be affected thereby.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 275 - Medicare Supplement Insurance › Section 031-275-26 - Effective Date

Current through 2024-29, July 17, 2024
The 2009 amendments are effective September 8, 2009.
The 2014 amendments are effective November 24, 2014.
The 2018 amendments are effective December 26, 2018.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 275 - Medicare Supplement Insurance › Appendix 031-275-B - FORM FOR REPORTING MEDICARE SUPPLEMENT POLICIES

Current through 2024-29, July 17, 2024
Company Name: ______________________________
Address: ______________________________
______________________________
Phone Number: ______________________________
Due March 1, annually The purpose of this form is to report
				  the following information on each resident of this State who has in force more
				  than one Medicare supplement policy or certificate. The information is to be
				  grouped by individual policyholder.
Policy and Certificate #
Date of Issuance
___________________________________
Signature
___________________________________
Name and Title (please type)
___________________________________
Date
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 280 - GROUP HEALTH CONTRACTS CONVERSION RULE › Section 031-280-1 - AUTHORITY

Current through 2024-29, July 17, 2024
This Rule is promulgated by the Superintendent pursuant to
				  Title
				  24
				  M.R.S.A., Section2330, Title
				   24-A M.R.S.A.,
				  Section212 and Title
				   24-A M.R.S.A.,
				  Section2809-A.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 280 - GROUP HEALTH CONTRACTS CONVERSION RULE › Section 031-280-2 - Purpose

Current through 2024-29, July 17, 2024
The purpose of this Rule is to fulfill the requirements of
				  Title
				  24
				  M.R.S.A., Section2330 and Title
				   24-A M.R.S.A.,
				  Section2809-A by establishing standards for
				  benefits, rates and continuity of coverage with respect to health insurance
				  conversion policies and certificates and certificates of non-profit hospital,
				  medical, and health care service organizations.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 280 - GROUP HEALTH CONTRACTS CONVERSION RULE › Section 031-280-4 - Continuity of coverage

Current through 2024-29, July 17, 2024
A. The effective
				date of the converted policy shall be the moment of termination of coverage
				under the group policy.
B. The
				converted policy may exclude pre-existing conditions excluded by the group
				policy. However no provision of the converted policy shall deny benefits for a
				pre-existing condition that would have been covered by the group policy had
				group coverage remained in force. The converted policy may provide that any
				hospital, surgical or medical benefits payable thereunder may be reduced by the
				amount of any such benefits payable under the group policy after the
				termination of the individual insurance thereunder. The converted policy may
				also include provisions so that during the first policy year the benefits
				payable under the converted policy, together with the benefits payable under
				the group policy, shall not exceed those that would have been payable had the
				individual's insurance under the group policy remained in force and
				effect.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 280 - GROUP HEALTH CONTRACTS CONVERSION RULE › Section 031-280-5 - Rates

Current through 2024-29, July 17, 2024
The initial premium for the converted policy, whether group
				  or individual, for the first twelve months and subsequent renewal premiums
				  shall be determined in accordance with premium rates applicable to individually
				  underwritten standard risks for the age and class of risk of each person to be
				  covered and the type and amount of insurance provided. The experience under
				  converted policies shall not be an acceptable basis for establishing rates for
				  converted policies. However, if an insurer experiences incurred losses for a
				  period of two years, or one year if earned premiums in that year exceed
				  $100,000, on conversion policies which have been in force for at least one
				  year, which exceed earned premiums by more than 20 percent, the insurer may
				  file with the Superintendent of Insurance amended renewal rates for the
				  subsequent year which will produce a loss ratio of not less than 120
				  percent.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 280 - GROUP HEALTH CONTRACTS CONVERSION RULE › Section 031-280-6 - General

Current through 2024-29, July 17, 2024
A. Benefit Levels. If the benefit levels
				required in Section
				3 above exceed the benefit levels
				provided under the group contract, the conversion policy or certificate may
				provide benefits which are at the level of those provided under the group
				contract in lieu of those benefits required in Section
				3.
B. Alternate Plans. The insurer may, at its
				option, also offer alternative plans for group health conversion in addition to
				those required by this Rule. However no alternative plan may be offered unless
				the plans outlined in Section
				3 are offered with equal
				emphasis.
C. Information Requested
				by Insurer. A converted policy or certificate may include a provision whereby
				the insurer may request information in advance of any premium due date of such
				policy or certificate of any person covered thereunder as to whether (i) he/she
				is covered for similar benefits by another hospital, surgical, medical or major
				medical expense insurance policy; hospital or medical service contract; medical
				practice or other prepayment plan; or by any other plan or program, (ii) he/she
				is covered for similar benefits under any arrangement of coverage for
				individuals in a group, whether on an insured or uninsured basis, or (iii)
				similar benefits are provided for or available to such person, pursuant to or
				in accordance with the requirements of any state or federal law.
Failure of any covered person to respond to a request of the
				  insurer made pursuant to this subsection may be deemed by the insurer to be a
				  statement by the covered person that he or she is not covered for similar
				  benefits by any other program, plan, policy, contract or other arrangement of
				  coverage as to which the insurer requested information.
D. Group health insurance policies, by
				whatever name called, which are issued in connection with a "self-insured" or
				"self-funded" plan and which provide for the payment of benefits to employees
				or members under specified circumstances shall contain conversion provisions
				that are consistent with Title
				 24-A M.R.S.A.,
				Section2809-A and this Rule and which reflect
				the total coverage provided the employee or member.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 280 - GROUP HEALTH CONTRACTS CONVERSION RULE › Section 031-280-7 - Effective date

Current through 2024-29, July 17, 2024
This Rule is effective October 18, 1982. This Rule does not
				  apply to policies offered to persons becoming eligible to apply for a
				  conversion policy on or after July 1, 1985.
NOTE: In the case of persons becoming eligible to apply for a
				  conversion policy on or after July 1, 1985, refer to Maine Insurance Rule,
				  Chapter 281.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 281 - GROUP HEALTH CONTRACTS CONVERSION RULE-REVISED › Section 031-281-1 - AUTHORITY

Current through 2024-29, July 17, 2024
This Rule is promulgated by the Superintendent pursuant to
				  Title
				  24
				  M.R.S.A., Section2330, Title
				   24-A M.R.S.A.,
				  Section212 and Title
				   24-A M.R.S.A.,
				  Section2809-A.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 281 - GROUP HEALTH CONTRACTS CONVERSION RULE-REVISED › Section 031-281-2 - Purpose

Current through 2024-29, July 17, 2024
The purpose of this Rule is to fulfill the requirements of
				  Title
				  24
				  M.R.S.A., Section2330 and Title
				   24-A M.R.S.A.,
				  Section2809-A by establishing standards for
				  benefits, rates and continuity of coverage with respect to health insurance
				  conversion policies and certificates and certificates of non-profit hospital,
				  medical, and health care service organizations.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 281 - GROUP HEALTH CONTRACTS CONVERSION RULE-REVISED › Section 031-281-3 - Comprehensive Medical Expense Benefits

Current through 2024-29, July 17, 2024
If the group insurance policy from which conversion is made
				  insures the employee or member, with or without dependent coverage, for
				  comprehensive medical expense benefits, the insurer may offer, in lieu of the
				  plans of benefits set forth in paragraphs 1 and 2 above, a choice between the
				  plans of benefits set forth in paragraph 1 and a policy of Comprehensive
				  Medical Expense Benefits without first dollar coverage. Said policy shall
				  conform to the requirements of paragraph 2 above provided, however, that an
				  insurer electing to offer such a policy shall make available a low deductible
				  option not to exceed $100, a high deductible option between $500 and $1,000,
				  and a third deductible option midway between the high and low deductible
				  option.
B. Nonprofit Hospital, Medical
				and Health Care Service Organizations.
If the group contract from which conversion is made provides
				  the employee or member, with or without dependent coverage, hospital, medical,
				  or health care benefits; the covered individuals shall be entitled to obtain
				  non-group coverage or, at the option of the nonprofit organization, a group
				  certificate providing the same choice of coverage customarily being offered to
				  non-group applicants. If no such non-group contracts are being issued, the
				  converted coverage must be identical to the group coverage being
				  terminated.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 281 - GROUP HEALTH CONTRACTS CONVERSION RULE-REVISED › Section 031-281-4 - Continuity of coverage

Current through 2024-29, July 17, 2024
A. The effective
				date of the converted policy shall be the moment of termination of coverage
				under the group policy.
B. The
				converted policy may exclude pre-existing conditions excluded by the group
				policy from which conversion is made. However no provision of the converted
				policy shall deny benefits for a pre-existing condition that would have been
				covered by the group policy had group coverage remained in force. The converted
				policy may provide that any hospital, surgical or medical benefits payable
				thereunder may be reduced by the amount of any such benefits payable under the
				group policy after the termination of the individual's insurance thereunder.
				The converted policy may also include provisions so that during the first
				policy year the benefits payable under the converted policy, together with the
				benefits payable under the group policy, shall not exceed those that would have
				been payable had the individual's insurance under the group policy remained in
				force and effect.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 281 - GROUP HEALTH CONTRACTS CONVERSION RULE-REVISED › Section 031-281-5 - Rates

Current through 2024-29, July 17, 2024
A. Except as provided in subsection B below,
				the premium for the converted individual policy or group certificate shall be
				no greater than the standard claim cost, as defined in subsection C below,
				divided by 0.55. This premium shall not be increased until the policy or
				certificate has been in force for at least twelve months, except if all of the
				following conditions are met:
(1) Conversion
				is provided through a form which is also issued to individually underwritten
				standard risks.
(2) More than 50
				percent of the policyholders of that form are individually underwritten
				standard risks.
(3) The premium
				increase has been filed pursuant to Title
				 24
				M.R.S.A., Section2321 or Title
				 24-A
				M.R.S.A., Section2736.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 281 - GROUP HEALTH CONTRACTS CONVERSION RULE-REVISED › Section 031-281-6 - General

Current through 2024-29, July 17, 2024
A. Benefit Levels. If the benefit levels
				required in Section
				3 above exceed the benefit levels
				provided under the group contract from which conversion is made, the conversion
				policy or certificate may provide benefits which are at the level of those
				provided under the group contract in lieu of those benefits required in Section
				3.
B. Alternate Plan. The insurer may, at its
				option, also offer alternative plans for group health conversion in addition to
				those required by this Rule. However no alternative plan may be offered unless
				the plans outlined in Section
				3 are offered with equal
				emphasis.
C. Information Requested
				by Insurer. A converted policy or certificate may include a provision whereby
				the insurer may request information in advance of any premium due date of such
				policy or certificate of any person covered thereunder as to whether (i) he/she
				is covered for similar benefits by another hospital, surgical, medical or major
				medical expense insurance policy; hospital or medical service contract; medical
				practice or other prepayment plan; or by any other plan or program, (ii) he/she
				is covered for similar benefits under any arrangement of coverage for
				individuals in a group, whether on an insured or uninsured basis, or (iii)
				similar benefits are provided for or available to such person, pursuant to or
				in accordance with the requirements of any state or federal law.
Failure of any covered person to respond to a request of the
				  insurer made pursuant to this subsection may be deemed by the insurer to be a
				  statement by the covered person that he or she is not covered for similar
				  benefits by any other program, plan, policy, contract or other arrangement of
				  coverage as to which the insurer requested information.
D. Group health insurance policies, by
				whatever name called, which are issued in connection with a "self-insured" or
				"self-funded" plan and which provide for the payment of benefits to employees
				or members under specified circumstances shall contain conversion provisions
				that are consistent with Title
				 24-A M.R.S.A.,
				Section2809-A and this Rule and which reflect
				the total coverage provided the employee or member.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 281 - GROUP HEALTH CONTRACTS CONVERSION RULE-REVISED › Section 031-281-7 - Transition rules

Current through 2024-29, July 17, 2024
Prior to July 1, 1985, all insurers shall file with the
				  Superintendent a statement of all forms previously approved for use in Maine
				  which they intend to use to provide conversion privileges. The statement shall
				  identify the products by form number and approval date. If the approval date
				  was prior to January 1, 1982, a copy of the form shall be included with the
				  statement.
All conversion policies or certificates filed after the
				  effective date of this rule shall specify that the policy is intended to be
				  used as a conversion policy.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 281 - GROUP HEALTH CONTRACTS CONVERSION RULE-REVISED › Section 031-281-8 - Effective date

Current through 2024-29, July 17, 2024
This rule is effective July 1, 1985, with the exception of
				  Section
				  7, which is effective February 1,
				  1985.(1)
(1) In the case of persons
				becoming eligible to apply for a conversion policy prior to July 1, 1985,
				Rule-Chapter 280 shall apply.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article I - Purpose

Current through 2024-29, July 17, 2024
The purpose of this rule is to provide uniform requirements
				  respecting variable life insurance sales on a regional basis, establish minimum
				  standards respecting variable life insurance policy formatting, to provide
				  licensing conditions under which agents may be authorized to sell such policies
				  and to set qualifications for insurers seeking authority to market variable
				  life contracts in this state.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article II - AUTHORITY

Current through 2024-29, July 17, 2024
This rule is promulgated pursuant to the authority vested in
				  the Superintendent of Insurance under Section 2537 and Section 1520.3 of the
				  Maine Insurance Code (Title 24-A, M.R.S.A.).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article III - Applicability and Scope

Current through 2024-29, July 17, 2024
This rule shall apply to:
a. the conditions pursuant to which variable
				life contracts may be marketed in this state;
b. the qualifications of insurers to be
				authorized to issue such contracts;
c. the required policy form and provisions
				for issue of such coverage in this state;
d. the manner in which separate account
				assets are to be maintained and reported supporting issued contracts;
				and
e. the qualifications of agents
				to be authorized to sell variable life insurance policies in this
				state.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-1 - Affiliate

Current through 2024-29, July 17, 2024
"Affiliate" of an insurer means any person, directly or
					 indirectly, controlling, controlled by, or under common control with such
					 insurer; any person who regularly furnishes investment advice to such insurer
					 with respect to its separate accounts for which a specific fee or commission is
					 charged; or any director, officer, partner, or employee of any such insurer,
					 controlling or controlled person, or person providing investment advice or any
					 member of the immediate family of such person.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-2 - Assumed Investment Rate

Current through 2024-29, July 17, 2024
"Assumed investment rate" means the rate of investment
					 return which would be required to be credited to a variable life insurance
					 policy, after deduction of charges for taxes, investment expenses, and
					 mortality and expense guarantees to maintain the variable death benefit equal
					 at all times to the amount of death benefit, other than incidental insurance
					 benefits, which would be payable under the plan of insurance if the death
					 benefit did not vary according to the investment experience of the separate
					 account.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-3 - Benefit Base

Current through 2024-29, July 17, 2024
"Benefit base" means the amount to which the net investment
					 return is applied.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-5 - Control

Current through 2024-29, July 17, 2024
"Control" (including the terms "controlling," "controlled
					 by" and "under common control with") means the possession, direct or indirect,
					 of the power to direct or cause the direction of the management and policies of
					 a person, whether through the ownership of voting securities, by contract other
					 than a commercial contract for goods or non-management services, or otherwise,
					 unless the power is the result of an official position with or corporate office
					 held by the person. Control shall be presumed to exist if any person, directly
					 of indirectly, owns, controls, holds with the power to vote, or holds proxies
					 representing more than ten (10) percent of the voting securities of any other
					 person. This presumption may be rebutted by a showing made to the satisfaction
					 of the Superintendent that control does not exist in fact. The Superintendent
					 may determine, after furnishing all persons in interest, notice and opportunity
					 to be heard and making specific findings of fact to support such determination,
					 that control exists in fact, notwithstanding the absence of a presumption to
					 that effect.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-6 - Flexible Premium Policy

Current through 2024-29, July 17, 2024
"Flexible premium policy" means any variable life insurance
					 policy other than a scheduled premium policy as specified in Section 13 of this
					 Article.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-7 - General Account

Current through 2024-29, July 17, 2024
"General account" means all assets of the insurer other
					 than assets in separate accounts established pursuant to Section 2537 of the
					 Maine Insurance Code (Title 24-A, M.R.S.A.) or pursuant to the corresponding
					 section of the Insurance Laws of the state of domicile of a foreign or alien
					 insurer, whether or not for variable life insurance.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-8 - Incidental Insurance Benefit

Current through 2024-29, July 17, 2024
"Incidental insurance benefit" means all insurance benefits
					 in a variable life insurance policy, other than the variable death benefit and
					 the minimum death benefit, including but not limited to accidental death and
					 dismemberment benefits, disability benefits, guaranteed insurability options,
					 family income, or term riders.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-9 - Minimum Death Benefit

Current through 2024-29, July 17, 2024
"Minimum death benefit" means the amount of the guaranteed
					 death benefit, other than incidental insurance benefits, payable under a
					 variable life insurance policy regardless of the investment performance of the
					 separate account.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-10 - Net Investment Return

Current through 2024-29, July 17, 2024
"Net investment return" means the rate of investment return
					 in a separate account to be applied to the benefit base.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-11 - Person

Current through 2024-29, July 17, 2024
"Person" means an individual, firm, corporation,
					 partnership, society, association, trust, or fund.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-12 - Policy Processing Day

Current through 2024-29, July 17, 2024
"Policy processing day" means the day on which charges
					 authorized in the policy are deducted from the policy's cash value.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-13 - Scheduled Premium Policy

Current through 2024-29, July 17, 2024
"Scheduled premium policy" means any variable life
					 insurance policy under which both the amount and timing of premium payments are
					 fixed by the insurer.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-14 - Separate Account

Current through 2024-29, July 17, 2024
"Separate account" means a separate account established
					 pursuant to Section 2537 of the Maine Insurance Code (Title 24-A, M.R.S.A.) or
					 pursuant to the corresponding Section of the Insurance Laws of the state of
					 domicile of a foreign or alien insurer.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-16 - Variable Death Benefit

Current through 2024-29, July 17, 2024
"Variable death benefit" means the amount of the death
					 benefit, other than incidental insurance benefits, payable under a variable
					 life insurance policy dependent on the investment performance of the separate
					 account, which the insurer would have to pay in the absence of any minimum
					 death benefit.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-17 - Variable Life Agent

Current through 2024-29, July 17, 2024
"Variable life agent" means any person licensed by this
					 state as a life insurance agent and authorized to sell variable life
					 policies.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IV - Definitions › Section 031-300-IV-18 - Variable Life Insurance Policy

Current through 2024-29, July 17, 2024
"Variable life insurance policy" means any individual
					 policy which provides for life insurance the amount or duration of which varies
					 according to the investment experience of any separate account or accounts
					 established and maintained by the insurer as to such policy, pursuant to
					 Section 2537 of the Maine Insurance Code (Title 24-A, M.R.S.A.) or pursuant to
					 the corresponding section of the insurance laws of the state of domicile of a
					 foreign or alien insurer.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article V - Authority of Insurer to Issue Variable Life Insurance › Section 031-300-V-1 - Licensing and Approval to do Business in Maine

Current through 2024-29, July 17, 2024
The following requirements are applicable to all insurers
					 either seeking authority to issue variable life insurance in this state or
					 having authority to issue variable life insurance in this state: Licensing and
					 approval to do business in Maine An insurer shall not deliver or issue for
					 delivery in this state any variable life insurance policy unless:
a. the insurer is licensed to do a life
				  insurance business in Maine;
b. the
				  insurer has filed the information required in Section 2 below; and
c. the insurer has obtained the written
				  approval of the Superintendent for the issuance of variable life insurance
				  policies in Maine. The Superintendent shall grant such written approval only
				  after he or she has found that:
(1) the plan
				  of operation for the issuance of variable life insurance policies is not
				  unsound;
(2) the general character,
				  reputation, and experience of the management and those persons or firms
				  proposed to supply consulting, investment administrative, or custodial services
				  to the insurer are such as to reasonably assure competent operation of the
				  variable life insurance business of the insurer in this state; and
(3) the present and foreseeable future
				  financial condition of the insurer and its method of operation in connection
				  with the issuance of such policies is not likely to render its operation
				  hazardous to the public or its policyholders in this state.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article V - Authority of Insurer to Issue Variable Life Insurance › Section 031-300-V-2 - Filing for Authority to do Business in This State

Current through 2024-29, July 17, 2024
Before any insurer shall deliver or issue for delivery any
					 variable life insurance policy in this state, it shall file with the Bureau the
					 following information:
a. copies of
				  and a general description of the variable life insurance policies it intends to
				  issue;
b. a general description of
				  the methods of operation of the variable life insurance business of the
				  insurer, including methods of distribution of policies and the names of those
				  persons or firms proposed to supply consulting, investment, administrative,
				  custodial or distribution services to the insurer;
c. with respect to any separate account
				  maintained by an insurer for any variable life insurance policy, a statement of
				  the investment policy the insurer intends to follow for the investment of the
				  assets held in such separate account, and a statement of procedures for
				  changing such investment policy. The statement of investment policy shall
				  include a description of the investment objectives intended for the separate
				  account;
d. a description of any
				  investment advisory services contemplated as required by Section 10 of Article
				  VIII;
e. a copy of the statutes and
				  regulations of the state of domicile of the insurer under which it is
				  authorized to issue variable life insurance policies;
f. biographical data with respect to officers
				  and directors of the insurer;
g. a
				  statement of the insurer's actuary describing the mortality and expense risks
				  which the insurer will bear under the policy;
h. a copy of any prospectus required pursuant
				  to Federal Securities Law regarding the marketing of variable life policies, if
				  available. If a draft of a registration statement which is pending before the
				  Securities and Exchange Commission is submitted in lieu thereof, authority to
				  effect contracts of variable life insurance in Maine shall be conditioned upon
				  receipt by the Superintendent of a prospectus in final effective form;
				  and
i. an annual statement of the
				  business of its separate account or accounts in the general form and content of
				  the form of separate account annual statement as currently in general and
				  customary use in the United States for the type of insurer and kind of
				  insurance to be reported upon.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article V - Authority of Insurer to Issue Variable Life Insurance › Section 031-300-V-3 - Standards of Suitability

Current through 2024-29, July 17, 2024
Every insurer seeking authority to enter into the variable
					 life insurance business in this state shall establish and maintain a written
					 statement specifying the Standards of Suitability to be used by the insurer.
					 Such Standards of Suitability shall specify that no recommendations shall be
					 made to an applicant to purchase a variable life insurance policy and that no
					 variable life insurance policy shall be issued in the absence of reasonable
					 grounds to believe that the purchase of such policy is not unsuitable for such
					 applicant on the basis of information furnished after reasonable inquiry of
					 such applicant concerning the applicant's insurance and investment objectives,
					 financial situation and needs, and any other information known to the insurer
					 or to the agent making the recommendation.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article V - Authority of Insurer to Issue Variable Life Insurance › Section 031-300-V-4 - Use of Sales Materials

Current through 2024-29, July 17, 2024
An insurer authorized to transact variable life insurance
					 business in this state shall not use any sales material, advertising material,
					 or descriptive literature or other materials of any kind in connection with its
					 variable life insurance business in this state which is false, misleading,
					 deceptive, or inaccurate.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article V - Authority of Insurer to Issue Variable Life Insurance › Section 031-300-V-5 - Requirements Applicable to Contractual Services

Current through 2024-29, July 17, 2024
Any material contract between an insurer and suppliers of
					 consulting, investment, administrative, sales, marketing custodial, or other
					 services with respect to variable life insurance operations shall be in writing
					 and provide that the supplier of such services shall furnish the Superintendent
					 with any information or reports in connection with such services which the
					 Superintendent may request in order to ascertain whether the variable life
					 insurance operations of the insurer are being conducted in a manner consistent
					 with this rule and any other applicable law or regulations.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article V - Authority of Insurer to Issue Variable Life Insurance › Section 031-300-V-6 - Reports

Current through 2024-29, July 17, 2024
Any insurer authorized to transact the business of variable
					 life insurance in this state shall submit to the Bureau, in addition to any
					 other materials which may be required by this regulation or any other
					 applicable laws or regulations:
a.
				  prior to the use in this state any information furnished to applicants as
				  provided for in Article IX;
b.
				  prior to the use in this state the form of any of the Reports to Policyholders
				  as provided for in Article XI; and
c. such additional information concerning its
				  variable life insurance operations or its separate accounts as the
				  Superintendent shall deem necessary.
Any material submitted under this Section shall be
					 disapproved if it is found to be false, misleading, deceptive, or inaccurate in
					 any material respect and, if previously distributed, the Superintendent shall,
					 among other indicated actions, require the distribution of amended material to
					 policyholders.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article V - Authority of Insurer to Issue Variable Life Insurance › Section 031-300-V-7 - Authority of superintendent to disapprove

Current through 2024-29, July 17, 2024
Any material required to be filed with the Superintendent
					 which is subject to disapproval at the time of such filing shall be subject to
					 disapproval at any time if it is found by him not to comply with the standards
					 established by this rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article VI - Insurance Policy Requirements › Section 031-300-VI-1 - Filing of Variable Life Insurance Policies

Current through 2024-29, July 17, 2024
All variable life insurance policies, and all riders,
					 endorsements, applications and other documents which are to be attached to and
					 made a part of the policy shall be filed with the Superintendent and be
					 approved prior to delivery or issuance for delivery in this state.
a. The procedures and requirements for such
				  filing and approval shall be, to the extent appropriate and not inconsistent
				  with this rule, the same as those otherwise applicable to other life insurance
				  policies.
b. The Superintendent may
				  approve variable life insurance policies and related forms with provisions
				  deemed to be not less favorable to the policyholder and the beneficiary than
				  those required by this rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article VI - Insurance Policy Requirements › Section 031-300-VI-3 - Mandatory policy provisions

Current through 2024-29, July 17, 2024
Every variable life insurance policy filed for approval in
					 this state shall contain at least the following:
a. The cover page or pages corresponding to
				  the cover page of each such policy shall contain:
(1) A prominent statement in either
				  contrasting color or in boldface type that the amount or duration of death
				  benefit may be variable or fixed under specified conditions;
(2) A prominent statement in either
				  contrasting color or in boldface type that cash values may increase or decrease
				  in accordance with the experience of the separate account subject to any
				  specified minimum guarantees;
(3) A
				  statement describing any minimum death benefit required pursuant to Section 2 b
				  of this Article;
(4) The method, or
				  a reference to the policy provision which describes the method, for determining
				  the amount of insurance payable at death;
(5) To the extent permitted by Maine law, a
				  captioned provision that the policyholder may return the variable life
				  insurance policy within 10 days of receipt of the policy by the policyholder,
				  and receive a refund equal to the sum of (A) the difference between the
				  premiums paid including any policy fees or other charges and the amounts
				  allocated to any separate accounts under the policy and (B) the value of the
				  amounts allocated to any separate accounts under the policy, on the date the
				  returned policy is received by the insurer or its agent. Until such time as
				  state law authorizes the return of payments as calculated in the preceding
				  sentence, the amount of the refund shall be the total of all premium payments
				  for such policy; and
(6) Such other
				  items as are currently required for fixed benefit life insurance policies and
				  which are not inconsistent with this rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article VI - Insurance Policy Requirements › Section 031-300-VI-4 - Policy loan provisions

Current through 2024-29, July 17, 2024
Every variable life insurance policy, other than term
					 insurance policies and pure endowment policies, delivered or issued for
					 delivery in this state shall contain a provision for policy loans after the
					 policy has been in force for three full years which includes the
					 following:
a. At least 75 percent of
				  the policy's cash surrender value may be borrowed;
b. The amount borrowed shall bear interest at
				  a rate not to exceed that permitted by Sections 2552 and 2553 of the Maine
				  Insurance Code (Title 24-A, M.R.S.A.);
c. Any indebtedness shall be deducted from
				  the proceeds payable on death;
d.
				  Any indebtedness shall be deducted from the cash surrender value upon surrender
				  or in determining any non-forfeiture benefit;
e. For scheduled premium policies, whenever
				  the indebtedness exceeds the cash surrender value, the insurer shall give
				  notice of any intent to cancel the policy if the excess indebtedness is not
				  repaid within thirty-one days after the date of mailing of such notice. For
				  flexible premium policies, whenever the total charges authorized by the policy
				  that are necessary to keep the policy in force until the next following policy
				  processing day exceed the amounts available under the policy to pay such
				  charges, a report must be sent to the policyholder containing the information
				  specified by Section 3 of Article XI;
f. The policy may provide that if, at any
				  time, so long as premiums are duly paid, the variable death benefit is less
				  than it would have been if no load or withdrawal had ever been made, the
				  policyholder may increase such variable death benefit up to what it would have
				  been if there had been no loan or withdrawal by paying an amount not exceeding
				  110 percent of the corresponding increase in cash value and by furnishing such
				  evidence of insurability as the insurer may request;
g. The policy may specify a reasonable
				  minimum amount which may be borrowed at any time but such minimum shall not
				  apply to any automatic premium loan provision;
h. No policy loan provision is required if
				  the policy is under extended insurance non-forfeiture option;
i. The policy loan provisions shall be
				  constructed so that variable life insurance policyholders who have not
				  exercised such provisions are not disadvantaged by the exercise thereof by
				  other policyholders; and
j. Amounts
				  paid to the policyholders upon the exercise of any policy loan provision shall
				  be withdrawn from the separate account and shall be returned to the separate
				  account upon repayment except that a stock insurer may provide the amounts for
				  policy loans from the general account.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article VI - Insurance Policy Requirements › Section 031-300-VI-5 - Other policy provisions

Current through 2024-29, July 17, 2024
The following provisions may in substance be included in a
					 variable life insurance policy or related form delivered or issued for delivery
					 in this state:
a. An exclusion for
				  suicide within two years of the issue date of the policy; provided, however,
				  that to the extent of the increased death benefits only, the policy may provide
				  an exclusion for suicide within two years of any increase in death benefits
				  which results from an application of the owner subsequent to the policy issue
				  date;
b. incidental insurance
				  benefits may be offered on a fixed or variable basis;
c. policies issued on a participating basis
				  shall offer to pay dividend amounts in cash. In addition, such policies may
				  offer the following dividend options:
(1) the
				  amount of the dividend may be credited against premium payments;
(2) the amount of the dividend may be applied
				  to provide amounts of additional fixed or variable benefit life
				  insurance;
(3) the amount of the
				  dividend may be deposited in the general account at a specified minimum rate of
				  interest;
(4) the amount of the
				  dividend may be applied to provide paid-up amounts of fixed benefit one-year
				  term insurance; and
(5) the amount
				  of the dividend may be deposited as a variable deposit in a separate
				  account.