‘Resolve, Directing the Bureau of Insurance To Amend Its Rules Pertaining to 3rd-party Notice of Cancellation’
| HP0599 LD 848 |
Session - 126th Maine Legislature C "A", Filing Number H-152, Sponsored by
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LR 1852 Item 2 |
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| Bill Tracking, Additional Documents | Chamber Status | ||
Amend the bill by striking out the title and substituting the following:
‘Resolve, Directing the Bureau of Insurance To Amend Its Rules Pertaining to 3rd-party Notice of Cancellation’
Amend the bill by striking out everything after the title and before the summary and inserting the following:
‘Sec. 1. Bureau of Insurance to amend rules regarding 3rd-party notice of cancellation. Resolved: That the Department of Professional and Financial Regulation, Bureau of Insurance shall amend Bureau of Insurance Rule Chapter 580 to provide for a 3rd alternative method of satisfying 3rd-party notice requirements. This 3rd alternative must provide that when an insured pays the premium for a policy through a payroll deduction plan, any requirement for an insurer to collect 3rd-party notification information may be deferred until 60 days after the insured is no longer on the payroll plan. Rules adopted pursuant to this section are routine technical rules as defined in the Maine Revised Statutes, Title 5, chapter 375, subchapter 2-A.’
SUMMARY
This amendment replaces the bill with a resolve directing the Department of Professional and Financial Regulation, Bureau of Insurance to amend Bureau of Insurance Rule Chapter 580 regarding 3rd-party notice of cancellation to add an additional alternative for compliance with notice requirements. Under this 3rd alternative, an insurer may defer collection of 3rd-party notification information while an insured pays a premium through a payroll deduction plan.