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 031-585-5 - Provision for Notification to Third Parties

Universal Citation: 02 ME Code Rules § 031-585-5

Current through 2024-38, September 18, 2024

A. All policies subject to this Rule shall include notice of the right:

1. To receive notification pursuant to Section 4 of the Rule;

2. To designate a third party to receive notification pursuant to Section 4 of the Rule; and

3. To change a third-party designation.

B. Insurers shall provide each policyholder with a "Third-Party Notice Request Form" giving the policyholder the opportunity to designate an additional person to receive notice of any intent to cancel a policy.

1. The Third-Party Notice Request Form may be included as part of each initial or renewal application, or it may be a supplemental form.

2. If separate from an application, the Third-Party Notice Request Form shall be furnished to the policyholder before or at the time of delivery of the policy to the covered person, and it shall indicate that it is part of the policy.

3. Within 10 days after a request by a policyholder, a Third-Party Notice Request Form shall be provided by First Class U.S. mail or delivered in-hand by a duly-authorized representative of the insurer.

4. If the policyholder does not return the Third-Party Notice Request Form within 30 days, the insurer may assume that the policyholder elects not to designate a third party. However, by written request, the policyholder may designate a third party at any subsequent time.

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