Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 917 - SUITABILITY IN ANNUITY TRANSACTIONS
Section 031-917-4 - Exemptions

Universal Citation: 02 ME Code Rules § 031-917-4

Current through 2024-52, December 25, 2024

Unless otherwise specifically included, this rule shall not apply to transactions involving:

1. Direct response solicitations where there is no recommendation based on information collected from the consumer pursuant to this rule;

2. Contracts used to fund:

A. An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);

B. A plan described by sections 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code (IRC), as amended, if established or maintained by an employer;

C. A government or church plan defined in section 414 of the IRC, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under section 457 of the IRC; or D. A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.

3. Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or

4. Prearranged funeral plans authorized under 32 M.R.S.A. §1401.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

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