Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 585 - LIFE INSURANCE THIRD-PARTY NOTICE OF CANCELLATION; RIGHTS OF REINSTATEMENT FOR INDIVIDUALS AFFLICTED WITH COGNITIVE IMPAIRMENT OR FUNCTIONAL INCAPACITY
Section 031-585-2 - Purpose
Universal Citation: 02 ME Code Rules ยง 031-585-2
Current through 2024-38, September 18, 2024
The purpose of this Rule is twofold. First, the Rule's third-party notice provisions allow a policyholder to establish in advance a line of communication that will increase the likelihood that adequate notice is given if an insurer intends to terminate coverage for nonpayment of premiums. Second, the Rule establishes conditions and procedures to reduce the danger that persons suffering from cognitive impairment or functional incapacity will lose life insurance coverage because of their condition.
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