LD 1096
pg. 1
LD 1096 Title Page An Act To Create a Timetable for Insurers To Make Restitution to Consumers ... LD 1096 Title Page
Download Bill Text
LR 1607
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 24-A MRSA §2188 is enacted to read:

 
§2188.__Rebate payments

 
If an insurer resolves a dispute with a client over the
terms of an insurance contract and that resolution results in
an agreement that the insurer will reimburse funds to the
client, the insurer shall issue the funds within 10 working
days of the date of the agreement.__The superintendent may
levy a penalty of up to $100 a day for each day over the 10-
day limit an insurer fails to pay a reimbursement agreed to
under this section.

 
SUMMARY

 
This bill requires an insurer who agrees to reimburse funds
to a client concerning a dispute over the terms of an
insurance contract to issue the funds within 10 business days
of the agreement or be subject to a fine of $100 a day from
the Superintendent of Insurance.


LD 1096 Title Page Top of Page LD 1096 Title Page