Maine Revised Statutes Title 24-A Chapter 23: Trade Practices and Frauds

What this document is

Maine Revised Statutes Title 24-A Chapter 23 - Trade Practices and Frauds is a state statute published by Maine Legislature, Office of the Revisor of Statutes (legislature.maine.gov). It is one of the Maine documents that insurance license exam questions are written from, including maine life & health, maine property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 24-A M.R.S. Chapter 23 § 2160(2) (Rebates, life, health and annuity contracts: benefit not associated with indemnification or loss)

  “Unless otherwise provided by law, a provision may not be included within an insurance policy if the sole intent of the provision is to give to the insured a benefit that is not associated with indemnification or loss. This subsection does not apply to annuities.”

• 24-A M.R.S. Chapter 23 § 2158(1) (Boycott, Coercion and Intimidation)

  “No person shall: 1. Enter into any agreement to commit, or by any concerted action commit, any act of boycott, coercion or intimidation resulting in or tending to result in unreasonable restraint of or monopoly in the business of insurance.”

• 24-A M.R.S. Chapter 23 § 2165-A(1)-(2) (Cease and desist orders)

  “1. Emergency cease and desist orders issued pursuant to section 12‑A, subsection 2‑A may not be imposed for violations under this section. 2. The superintendent may issue a cease and desist order pursuant to section 12‑A, subsection 2 if, after a hearing, the superintendent finds that any person in...”

• 24-A M.R.S. Chapter 23 § 2161(2) (Exceptions to discrimination, rebates, stock inducements provision, life, health and annuity contracts)

  “Nothing in this chapter shall be construed as including within the definition of securities as inducements to purchase insurance the selling or offering for sale, contemporaneously with life insurance or annuities, of mutual fund shares or face amount certificates of regulated investment companies...”

• 24-A M.R.S. Chapter 23 § 2157 (Defamation)

  “No person shall make, publish, disseminate, or circulate, directly or indirectly, or aid, abet or encourage the making, publishing, disseminating or circulating of any oral or written statement or any pamphlet, circular, article or literature which is false, or maliciously critical of or derogatory...”

• 24-A M.R.S. Chapter 23 § 2152 (Unfair methods; deceptive acts prohibited)

  “No person shall engage in this State in any trade practice which is defined in this chapter, as, or determined pursuant to this chapter, to be an unfair method of competition or an unfair or deceptive act or practice in the business of insurance. No resident of this State shall engage in any other...”

• 24-A M.R.S. Chapter 23 § 2154 (False information; advertising)

  “A person may not make, publish, disseminate, circulate or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in a newspaper, magazine or other publication or on a business card, or in the form of a notice,...”

• 24-A M.R.S. Chapter 23 § 2153 (Misrepresentation; false advertising of policies)

  “No person shall make, issue, circulate, or cause to be made, issued or circulated, any estimate, illustration, circular or statement misrepresenting the terms of any policy issued or to be issued or the benefits or advantages promised thereby or the dividends or share of the surplus to be received...”

• 24-A M.R.S. Chapter 23 § 2164 (Stock operations and advisory board contracts)

  “No person shall issue or deliver or permit its agents, officers, or employees to issue or deliver agency company stock or other capital stock, or benefit certificates or shares in any common law corporation, or securities or any special or advisory board contracts or other contracts of any kind...”

• 24-A M.R.S. Chapter 23 § 2165-A(3) (Undefined unfair and deceptive practices; penalty limit)

  “3. The superintendent may issue a cease and desist order pursuant to section 12‑A, subsection 2 if, after a hearing, the superintendent finds that any person in the State has engaged or is engaging, or that a resident of the State has engaged or is engaging in another state, in an unfair or...”

• 24-A M.R.S. Chapter 23 § 2164-D(2) (Unfair claims practices: prohibited activities)

  “2. Prohibited activities. It is an unfair claims practice for any domestic, foreign or alien insurer transacting business in this State to commit any act under subsection 3 if: A. It is committed in conscious disregard of this section and any rules adopted under this section; or B. It has been...”

• 24-A M.R.S. Chapter 23 § 2159(2) (Unfair Discrimination, Health Insurance)

  “No person may make or permit any unfair discrimination between individuals of the same class and of essentially the same hazard in the amount of premium, policy fees, or rates charged for any policy or contract of health insurance or in the benefits payable thereunder, or in any of the terms or...”

Practice this material

Questions about this source

More Maine sources

• Me. Rev. Stat. tit. 24-A, s. 2152: Unfair methods; deceptive acts prohibitedState statute
• Me. Rev. Stat. tit. 24-A, s. 1420-A: Insurance producer licensing definitionsState statute
• Me. Rev. Stat. tit. 24-A, s. 2153: Misrepresentation; false advertising of policiesState statute
• 24-A M.R.S. Chapter 33 - Health Insurance Contracts (Secs. 2701 onward, selected)State statute
• Maine Revised Statutes Title 24-A Chapter 1 - General Definitions and ProvisionsState statute
• Maine Revised Statutes Title 24-A Chapter 17 - Agents, Brokers, Consultants and AdjustersState statute
• Maine Revised Statutes Title 24-A Chapter 21 - Unauthorized Insurers: Prohibitions, Process and AdvertisingState statute
• Maine Revised Statutes Title 24-A Chapter 27 - The Insurance ContractState statute