Maine Revised Statutes Title 24-A Sec. 2536 – Participating, nonparticipating policies — right to issue
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Terms Used In Maine Revised Statutes Title 24-A Sec. 2536
- 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.
A life insurer may issue policies on either the participating basis or the nonparticipating basis, or on both bases, if the right or absence of right of participation is reasonably related to the premium charged and the insurer is otherwise not in violation of sections 2159 (unfair discrimination — life insurance, annuities, and health insurance) or 2160 (rebates — life, health and annuity contracts). [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).