§2622. Conversion on termination of policy
The group life insurance policy must contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of such termination whose insurance terminates, including the insured dependent of a covered person, and who has been so insured for at least 5 years prior to such termination date is entitled to have issued to the person by the insurer an individual policy of life insurance, subject to the same conditions and limitations as are provided by section 2621, except that the group policy may provide that the amount of such individual policy may not exceed the smaller of: [RR 2021, c. 1, Pt. B, §234 (COR).]
1. The amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which the person is or becomes eligible under a group policy issued or reinstated by the same or another insurer within 31 days after such termination; and
[RR 2021, c. 1, Pt. B, §233 (COR).]
2. $10,000.
[PL 1981, c. 150, §26 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 150, §26 (AMD). RR 2021, c. 1, Pt. B, §§233, 234 (COR).
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 Group contracts must meet group requirements (REPEALED)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 Debtor groups (REPEALED)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 Labor union groups (REPEALED)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 Trustee groups (REPEALED)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 Trade association groups (REPEALED)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 Municipal employees association groups (REPEALED)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 Professional association groups (REPEALED)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 Credit union groups (REPEALED)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 Dependents' coverage (REPEALED)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 Limit as to amount of insurance (REPEALED)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