M.__Once any portion of a memorandum is cited by the life insurer in its marketing or is cited by the life insurer before a governmental agency other than a state insurance agency or is released by the life insurer to the news media, all portions of the memorandum become public records.

Sec. 3. 24-A MRSA §2630 is enacted to read:

§2630.__Suicide

A group life insurance policy delivered or issued for delivery in this State may not contain a more restrictive exclusion from liability for death resulting from suicide than death by suicide, while sane or insane, within 2 years from the date coverage commences or within 2 years of an increase in coverage.

SUMMARY

This bill amends the Standard Valuation Law for life insurance by clarifying the confidentiality provisions. It ensures the ability of the Superintendent of Insurance to maintain the confidentiality of sensitive regulatory information, while allowing the sharing of information with other state, federal and international regulators and law enforcement officials.

This bill also requires group life insurance policies issued in the State to contain suicide exclusion clauses that are no more restrictive than clauses allowed under individual life insurance policies issued in the State. The provision would allow companies to exclude coverage for death by suicide occurring within 2 years from the date coverage commences or within 2 years of an increase in coverage but would prohibit an indefinite exclusion of coverage for death by suicide.