Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 240 - MAINE LIFE INSURANCE SOLICITATION AND COST DISCLOSURE
Section 031-240-3 - Scope
Universal Citation: 02 ME Code Rules ยง 031-240-3
Current through 2024-38, September 18, 2024
(A) Except as hereafter exempted, this Rule shall apply to any solicitation, negotiation or procurement of life insurance occurring within this state. This Rule shall apply to any issuer of life insurance contracts including fraternal benefit societies.
(B) Unless otherwise specifically included, this Rule shall not apply to:
1.
Annuities.
2. Credit life
insurance.
3. Group life
insurance.
4. Life insurance
policies issued in connection with pension and welfare plans as defined by and
which are subject to the federal Employee Retirement Income Security Act of
1974 (ERISA).
5. Variable life
insurance under which the death benefits and cash values vary in accordance
with unit values of investments held in a separate account.
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