Maine Amends Life Settlement Law
Author: integicp
The Maine legislature has enacted a law clarifying the state’s requirement that life insurance companies notify policy holders of their option to sell their policy rather than let it lapse.
The new law amends PL 2009, c. 376, which was signed into law in June by Gov. John Baldacci. That law requires life insurers to inform individuals that there are alternatives, including life settlements, to surrendering their policy or allowing it to lapse.
The new legislation clarifies that c. 376 applies to policies with death benefits of at least $100,000, where the policy owner is at least 60 years old or is terminally or chronically ill.
Tags: Articles, Industry, Life Settlements
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