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Maine.gov > PFR Home > Insurance Regulation > Producer Services > Information for Insurance Producers

 

INFORMATION REGARDING
THE ORDER OF UNITED COMMERCIAL TRAVELERS
January 2009

The Order of United Commercial Travelers of America (UCT), an Ohio-based fraternal benefit society, stopped writing new business in Maine, effective July 1, 2008. UCT’s primary line of business in Maine was Medicare supplement coverage.

Effective January 1, 2009, UCT’s Maine business was transferred to IdeaLife Insurance Company, which is a member of the Berkshire Hathaway group.

IdeaLife is a licensed insurance company in Maine and is rated A- by A.M.Best.

UCT members will receive new Medicare Supplement policies issued by IdeaLife, with the same premium rates, policy benefits, expiration date, and guaranteed renewal rights, and with the same insurance producers assigned to each policy.

Any future rate increase proposals will be subject to review by the Bureau of Insurance in the same manner as past increases by UCT. They will apply only to the extent approved by the Superintendent, to policies renewed after the effective date of the increase.

IdeaLife’s contact information is:

IdeaLife Insurance Company
695 East Main Street
Stamford, CT 06901
(203) 352-3000

If you are a producer and have questions about this transaction, please contact Arthur G. Hosford, staff attorney at 207-624-8429 or via email Arthur.G.Hosford.Jr@Maine.gov.

Consumers should contact Glenn Griswold, Director of Consumer Healthcare Division at 207-624-8494 or via email at Glenn.J.Griswold@Maine.gov or 1-800-300-5000.

 

General reminder about insurance coverage through a fraternal:

  • Under Maine’s state insurance law, fraternal benefit societies are subject to reduced financial requirements compared to traditional insurers. Some fraternals are not rated by A.M. Best or similar financial rating institutions.
  • Unlike coverage through an insurance company, coverage provided by a fraternal is not covered by a guaranty fund. This means that if a fraternal cannot pay claims because it is bankrupt, the enrolled person will be responsible for paying claims that should have been paid by the fraternal.
  • Fraternal benefits are assessable. This means that if the fraternal cannot pay claims, the members –persons with coverage through the fraternal – may be required to pay their proportional share of the deficiency.

For additional information, see Letter to Residents Appointed with Fraternal Benefit Societies.

 

Last Updated: November 18, 2009