Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 425 - LONG-TERM CARE INSURANCE
Section 031-425-18 - Discretionary Powers of Superintendent
Universal Citation: 02 ME Code Rules ยง 031-425-18
Current through 2024-13, March 27, 2024
Upon written request and after an administrative hearing, the superintendent may issue an order to modify or suspend a specific provision or provisions of this rule with respect to a specific long-term care insurance policy or certificate upon a written finding that:
A. The modification or suspension would be in the best interest of the insureds;
B. The purposes to be achieved could not be effectively or efficiently achieved without the modification or suspension; and C.
(1) The modification or suspension is
necessary to the development of an innovative and reasonable approach for
insuring long-term care; or
(2) The
policy or certificate is to be issued to residents of a life care or continuing
care retirement community or some other residential community for the elderly
and the modification or suspension is reasonably related to the special needs
or nature of such a community; or
(3) The modification or suspension is
necessary to permit long-term care insurance to be sold as part of, or in
conjunction with, another insurance product.
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