Maine Revised Statutes Title 24-A Sec. 2160 – Rebates — life, health and annuity contracts
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1. Limitation. Except as otherwise provided by law, no person may:
A. Knowingly permit or offer to make or make any contract of life insurance, life annuity or health insurance or agreement concerning that contract that is not plainly expressed in the contract issued; [PL 1997, c. 457, §38 (NEW).]
B. Pay or allow or give or offer to pay, allow or give directly or indirectly as inducement to life or health insurance or life annuity:
(1) Any rebate of premiums payable on the contract;
(2) Any special favor or advantage in the dividends or other benefits;
(3) Any paid employment or contract for services of any kind; or
(4) Any valuable consideration or inducements not specified in the contract; or [PL 1997, c. 457, §38 (NEW).]
C. Directly or indirectly give or sell or purchase or offer or agree to give, sell, purchase or allow as inducement to life or health insurance or life annuity or in connection with the insurance or annuity or any agreement, whether or not specified in the policy or contract, of any form or nature promising:
(1) Returns or profits;
(2) Any stocks, bonds or other securities;
(3) Interest present in or contingent on or measured by the agreement of any insurer or other corporation, association or partnership; or
(4) Any dividends or profits accrued or to accrue on an agreement. [PL 1997, c. 457, §38 (NEW).]
[PL 1997, c. 457, §38 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2160
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
2. Benefit not associated with indemnification or loss. Unless otherwise provided by law, a provision may not be included within an insurance policy if the sole intent of the provision is to give to the insured a benefit that is not associated with indemnification or loss. This subsection does not apply to annuities.
[PL 1997, c. 592, §66 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1997, c. 457, §38 (RPR). PL 1997, c. 592, §66 (AMD).