S.P. 476 - L.D. 1438
An Act To Require Disclosure of Benefit Offsets under Disability Insurance Policies
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 24-A MRSA §2717-A is enacted to read:
§2717-A. Disclosure of benefit offsets to applicants
At or before the time of application for any policy subject to this chapter that provides disability income benefits, the insurer shall provide the applicant with a clear and conspicuous written notice, on the application form or in a separate document, that accurately explains to the applicant all types of other sources of income that may result in a reduction of the benefits payable under the policy.
Sec. 2. 24-A MRSA §2829-A is enacted to read:
§2829-A. Disclosure of benefit offsets to enrollees
For any policy or contract subject to this chapter that provides disability income benefits, if the benefits under that policy or contract are subject to reduction due to other sources of income, then the insurer shall include in any written enrollment material and certificate of coverage developed by the insurer that is intended to be distributed to persons eligible for coverage under the policy or contract a clear and conspicuous notice that accurately explains all types of other sources of income that may result in a reduction of the benefits payable under the policy or contract. The notice requirement under this section does not apply to an advertisement intended for the general public.
Effective September 13, 2003, unless otherwise indicated.
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