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 Group contracts must meet group requirements (REPEALED)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 Debtor groups (REPEALED)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 Labor union groups (REPEALED)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 Trustee groups (REPEALED)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 Trade association groups (REPEALED)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 Municipal employees association groups (REPEALED)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