Maine § 24-A §6811 Prohibited practices and provisions under policies

Maine Statutes

§ 24-A §6811 — Prohibited practices and provisions under policies

Maine § 24-A §6811

Title 24-AMAINE INSURANCE CODE

Ch. 85VIATICAL AND LIFE SETTLEMENTS ACT

This text of Maine § 24-A §6811 (Prohibited practices and provisions under policies) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 24-A, § 24-A §6811 (2026).

Text

1.Assignment. The following provisions govern assignment.

2.Rights under an assignment. The following provisions apply to an assignment.

3.Failure to give notice under group life insurance policy. If the rights under a group life insurance policy have been assigned and the administrator of the policy fails to give notice to the assignee that a person is no longer a covered person under the group and of the right to convert the policy to an individual life insurance policy, the period of time during which the assignee must make application for conversion under the terms of the group life insurance policy begins from the date the notice is given to the assignee.

4.Riders and postsettlement increases or additions. With respect to policies containing a provision for double or additional in

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1.
Assignment.
The following provisions govern assignment.
2.
Rights under an assignment.
The following provisions apply to an assignment.
3.
Failure to give notice under group life insurance policy.
If the rights under a group life insurance policy have been assigned and the administrator of the policy fails to give notice to the assignee that a person is no longer a covered person under the group and of the right to convert the policy to an individual life insurance policy, the period of time during which the assignee must make application for conversion under the terms of the group life insurance policy begins from the date the notice is given to the assignee.
4.
Riders and postsettlement increases or additions.
With respect to policies containing a provision for double or additional indemnity for accidental death or any other riders or additional death benefits, including the increase in the death benefit in excess of the amount of the death benefits of the date the settlement contract is effected at the time the policy is assigned, transferred, sold, devised or bequeathed, unless otherwise mutually agreed to in writing by the viator and the settlement provider, the additional amount remains payable to the beneficiary last named by the viator prior to entering into the settlement contract or to such other beneficiary other than the settlement provider as the viator may thereafter designate or, in the absence of a designation, to the estate of the viator.
5.
Prohibition on settlements.
It is a violation of this chapter for any person to enter into a settlement contract at any time prior to, or at the time of the application for, the issuance of a policy or within a 2-year period commencing with the date of issuance of the insurance policy or certificate unless the viator certifies to the settlement provider that one or more of the following conditions have been met within the 2-year period:
6.
Submission of certification.
If the settlement provider submits to the insurer a copy of the owner's or insured's certification described in subsection 5 when the settlement provider submits a request to the insurer to effect the transfer of the policy or certificate to the settlement provider, the copy is deemed to conclusively establish that the settlement contract satisfies the requirements of this section and the insurer shall timely respond to the request.