Maine Revised Statutes Title 24-A Sec. 2812-A – Dividends and experience refunds
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The following requirements apply to all group health insurance with the exception of insurance in which the policyholder is subject to the fiduciary standards of the federal Employee Retirement Income Security Act of 1974, ERISA, 29 United States Code § 1001?1381 (1975). [PL 1991, c. 200, Pt. D, §4 (NEW).]
1. Refunds. The amount by which any dividend, experience refund or rate reduction exceeds the amount of premium contributed by the group policyholder for the same period must be refunded to the employees, members or debtors in proportion to their premium contributions for that period, except as provided in subsection 2.
[PL 1991, c. 200, Pt. D, §4 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2812-A
- Fiduciary: A trustee, executor, or administrator.
- 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
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Refund amounts less than $25 per employee, member or debtor. If the refunds required by subsection 1 would average less than $25 per employee, member or debtor, then the group policyholder may request approval from the superintendent to apply those amounts in a different manner. The superintendent shall approve the request if, in the superintendent’s opinion, the manner of application proposed would be for the sole benefit of insured employees, members or debtors.
[PL 1991, c. 200, Pt. D, §4 (NEW).]
SECTION HISTORY
PL 1991, c. 200, §D4 (NEW).