Maine Revised Statutes Title 24-A Sec. 2937 – Disclosure required
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Terms Used In Maine Revised Statutes Title 24-A Sec. 2937
- Mass marketing plan: means a method of selling property and casualty insurance wherein such insurance is offered to employees of particular employers or to members of particular associations or organizations or to persons grouped in other ways and the employer, association or organization has agreed to or otherwise affiliated itself with, or facilitated, the sale of such insurance to its employees or members and employees and includes without limitation such plans whether described as "mass merchandising" "group merchandising" "franchise merchandising" or "collective merchandising. See Maine Revised Statutes Title 24-A Sec. 2932
Every insurer, agent or broker selling insurance pursuant to a mass marketing plan shall, prior to sale, make full and fair disclosure to prospective insureds of all features of such plan, whether favorable or unfavorable, including, but not limited to, the stability of the premium rates, benefits, duration of coverage, policyholder services, conversion privileges available, and the financial and interlocking interests in the plan, if any, of the sponsoring employer, association, organization or group. [PL 1973, c. 625, §146 (NEW).]
SECTION HISTORY
PL 1973, c. 625, §146 (NEW).