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MAINE STATUTES AND CODES
24-A §1158. Policy loans
Title 24-A: MAINE INSURANCE CODE
Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS HEADING: PL 1987, C. 399, §14 (NEW)
§1158. Policy loans
A life insurer may lend to its policyholder, upon pledge of the policy as collateral security, any sum not exceeding the cash surrender value of the policy; or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations, as long as the loan is adequately secured by that pledge or assignment. Loans so made are eligible investments of the insurer. [1987, c. 399, §14 (NEW).]
SECTION HISTORY
1987, c. 399, §14 (NEW).