Maine Revised Statutes Title 24-A Sec. 2163 – Receipt of rebate, illegal inducement prohibited
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1. Limitations. No person may knowingly receive or accept, directly or indirectly:
A. Any rebate of premium or part of a premium; [PL 1997, c. 457, §40 (NEW).]
B. Any producer’s commission on a premium or part of a premium payable on any policy of insurance or annuity contract; [PL 1997, c. 457, §40 (NEW).]
C. Any special favor or advantage in the dividend or other benefits to accrue; or [PL 1997, c. 457, §40 (NEW).]
D. Anything of value as inducement to any policy of insurance or annuity contract or in connection with any policy of insurance or annuity contract that is not specified, promised or provided for in the policy or contract, except as otherwise provided by law. [PL 1997, c. 457, §40 (NEW).]
[PL 1997, c. 457, §40 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1997, c. 457, §40 (RPR).
Terms Used In Maine Revised Statutes Title 24-A Sec. 2163
- 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.