Maine Revised Statutes Title 24-A Sec. 961 – Experience reporting
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Terms Used In Maine Revised Statutes Title 24-A Sec. 961
- Policyholder behavior: means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this subchapter, including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization or benefit elections prescribed by the policy or contract, but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. See Maine Revised Statutes Title 24-A Sec. 951-A
- Valuation manual: means the manual of valuation instructions adopted by the NAIC as specified in section 959. See Maine Revised Statutes Title 24-A Sec. 951-A
For all policies and contracts in force on or after the operative date of the valuation manual, an insurer shall submit mortality, morbidity, policyholder behavior and expense experience data, as applicable, and other data as prescribed in the valuation manual. [PL 2013, c. 238, Pt. C, §9 (NEW).]
SECTION HISTORY
PL 2013, c. 238, Pt. C, §9 (NEW).