§2610-A. Credit union groups
The lives of a group of individuals may be insured under a policy issued to a credit union or to a trustee or trustees or agent designated by 2 or more credit unions, which credit union, trustee, trustees or agent is considered the policyholder, to insure members of the credit union or credit unions for the benefit of persons other than the credit union or credit unions, trustee or trustees or agent or any of their officials, subject to the following requirements. [PL 1981, c. 150, §13 (NEW).]
1. The members eligible for insurance are all of the members of the credit union or credit unions or all of any class or classes thereof.
[PL 1981, c. 150, §13 (NEW).]
2. The premium for the policy shall be paid by the policyholder from the credit union's funds and, except as provided in subsection 3, must insure all eligible members.
[PL 1981, c. 150, §13 (NEW).]
3. An insurer may exclude or limit the coverage on any member as to whom evidence of individual insurability is not satisfactory to the insurer.
[PL 1981, c. 150, §13 (NEW).]
SECTION HISTORY
PL 1981, c. 150, §13 (NEW).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 31: GROUP LIFE INSURANCE
24-A §2601. Scope of chapter -- short title
24-A §2602. Group contracts must meet group requirements (REPEALED)
24-A §2604. Debtor groups (REPEALED)
24-A §2605. Labor union groups (REPEALED)
24-A §2605-A. Labor union groups
24-A §2606. Trustee groups (REPEALED)
24-A §2607. Trade association groups (REPEALED)
24-A §2607-A. Association groups
24-A §2608. Municipal employees association groups (REPEALED)
24-A §2609. Professional association groups (REPEALED)
24-A §2610. Credit union groups (REPEALED)
24-A §2610-A. Credit union groups
24-A §2611. Dependents' coverage (REPEALED)
24-A §2611-A. Dependent's coverage
24-A §2612. Limit as to amount of insurance (REPEALED)
24-A §2613. Provisions required in group contracts
24-A §2616. Application; statements deemed representations
24-A §2618. Misstatement of age
24-A §2619. Payment of benefits
24-A §2620. Information as to insurance
24-A §2621. Conversion on termination of eligibility
24-A §2622. Conversion on termination of policy
24-A §2623. Death pending conversion
24-A §2624. Information to debtor
24-A §2625. Notice as to conversion right
24-A §2626. Rate of premiums (REPEALED)
24-A §2627. Application of dividends, rate reductions (REPEALED)
24-A §2627-A. Dividends and experience refunds