§ 24-A §6812-A — Inquiries and optional disclosures by life insurers

Maine § 24-A §6812-A

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 85: VIATICAL AND LIFE SETTLEMENTS ACT

Text

1.
Permitted inquiries regarding premium financing.
In addition to any other information a life insurer may lawfully request in an application for insurance, the insurer may ask whether the proposed owner intends to pay premiums with the assistance of financing from a lender that will use the policy as collateral to support the financing, and if so, whether:
2.
Prohibited transactions.
If the information obtained by the life insurer demonstrates that the loan provides funds that can be used for a purpose other than paying for the premiums, costs and expenses associated with obtaining and maintaining the life insurance policy and loan or that the transaction otherwise violates this chapter, the insurer shall reject the application.
3.
Optional disclosures by the life insurer.
The insurer may make disclosures to the applicant, the insured and other affected persons, either on the application, an amendment to the application or a separate document, in the following form:

Legislative History

PL 2009, c. 376, §15 (NEW).