An Act To Require That Insurance Contracts Include a Plain Language Summary

Sec. 1. 24-A MRSA §2557  is enacted to read:

§ 2557.  Plain language summary

All individual life insurance policies issued, renewed or delivered on or after the effective date of this section must include a separate page that explains the coverage in plain language and that is signed by the insured and a representative of the insurer. The superintendent shall adopt rules to implement this section. Rules adopted pursuant to this section are routine technical rules as defined by Title 5, chapter 375, subchapter 2-A.

Sec. 2. 24-A MRSA §2736-C, sub-§11  is enacted to read:

Sec. 3. 24-A MRSA §3043  is enacted to read:

§ 3043.  Plain language summary

All policies issued, renewed or delivered on or after the effective date of this section must include a separate page that explains the coverage in plain language and that is signed by the insured and a representative of the insurer. The superintendent shall adopt rules to implement this section. Rules adopted pursuant to this section are routine technical rules as defined by Title 5, chapter 375, subchapter 2-A.

summary

This bill requires separate plain language summaries, signed by the insured and a representative of the insurer, for individual life insurance, health insurance and property insurance policies and contracts issued, renewed or delivered on or after the effective date of these provisions.