SUMMARY

This bill adds 3 technical amendments to provisions governing a corporation's insurable interest in the lives of its employees, the Maine Revised Statutes, Title 24-A, section 2404, subsection 3.

1. It clarifies that a corporation may have an insurable interest in individuals, such as certain key officers and directors.

2. It clarifies that the proceeds created by a life insurance funded employee benefit program must benefit at least a broad class of employees.

3. It would expressly permit a trust to act as policyholder for corporate-owned life insurance plans.