24-A §2852. Purpose; construction
§2852. Purpose; construction The purpose of this chapter is to promote the public welfare by regulating consumer credit insurance. Nothing in this chapter is intended to prohibit or discourage reasonable competition. This chapter must be liberally construed. [PL 2001, c. 138, §6 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 2001, c. […]
24-A §2853. Definitions
§2853. Definitions For the purpose of this chapter: [PL 1969, c. 132, §1 (NEW).] 1. “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction. [PL 1969, c. 132, §1 (NEW).] 2. “Credit health insurance” means insurance on a […]
24-A §2854. Forms available
§2854. Forms available Consumer credit insurance may be issued only in the following forms: [PL 2001, c. 138, §8 (AMD).] 1. Individual life. Individual policies of life insurance issued to debtors on the term plan; [PL 1969, c. 132, §1 (NEW).] 2. Individual accident and health. Individual policies of health insurance issued to […]
24-A §2855. Amounts of insurance
§2855. Amounts of insurance 1. Credit life insurance. A. The amount of credit life insurance shall at no time exceed the unpaid amount financed plus earned interest and an allowance for delinquencies as determined by the superintendent or, in the case of open-end credit, the balance upon which a finance charge may be imposed, […]
24-A §2856. Term of insurance
§2856. Term of insurance 1. The term of credit life insurance or credit health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor; except that where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to […]
24-A §2857. Policy provisions; delivery or disclosure to debtors
§2857. Policy provisions; delivery or disclosure to debtors 1. Policy or certificate delivered. All consumer credit insurance must be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance must be delivered to the debtor. [PL 2001, c. 138, […]
24-A §2858. Filing, approval and withdrawal of forms, rates; appeals
§2858. Filing, approval and withdrawal of forms, rates; appeals 1. Forms filed. All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this State and the schedules of premium rates pertaining thereto shall be filed with the superintendent. [PL 1973, c. 585, §12 […]
24-A §2859. Premium rates; refunds; accounts credited when insurance not issued
§2859. Premium rates; refunds; accounts credited when insurance not issued 1. Rates filed; life and health. Any insurer may revise its schedules of premium rates from time to time, and shall file such revised schedules with the superintendent; however, no upward revision in insurance charges to debtors may be made in connection with closed-end credit […]
24-A §2860. Authorized insurer, agent required
§2860. Authorized insurer, agent required All policies of consumer credit insurance may be delivered or issued for delivery in this State only by an insurer authorized to transact such insurance therein, and may be issued only through holders of licenses or authorizations issued by the superintendent. [PL 2001, c. 138, §13 (AMD).] SECTION HISTORY […]
24-A §2860-A. Commissions
§2860-A. Commissions A commission not exceeding 5% of credit life and health insurance premiums, as set forth by rules adopted by the superintendent, may be paid to any creditor who is a licensed credit insurance agent. This section does not prohibit fees paid to a lender for handling or processing credit life or health insurance […]