Maine Revised Statutes Title 24-A Chapter 16

What this document is

Maine Revised Statutes Title 24-A Chapter 16 - Producers, Adjusters and Consultants (24-A M.R.S. 1401 et seq.; the current licensing chapter, replacing repealed Chapter 17 held as me-ins-c17) is a state statute published by Maine Legislature, Office of the Revisor of Statutes (legislature.maine.gov).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 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. § 1411(4) (License required: liability)

  “A licensee is personally liable under any insurance contract made by or through the licensee that is outside the scope of the license authority. An insurance contract issued on an application solicited, received or forwarded by an unlicensed person and otherwise valid is not thereby rendered invalid.”

• 24-A M.R.S. § 1420-C(2)(F) (Exceptions to licensing: nonresident commercial multistate placements)

  “F. A person who is not a resident of this State who sells, solicits or negotiates a contract of insurance for commercial property and casualty risks to an insured with risks located in more than one state insured under that contract, if that person is otherwise licensed as an insurance producer to...”

• 24-A M.R.S. § 1420-M(1) (Appointments)

  “1. Appointment. An insurance producer, including a nonresident producer acting pursuant to a national nonresident producer license issued through the National Association of Registered Agents and Brokers, may not act as an agent of an insurer unless the insurance producer becomes an appointed agent...”

• 24-A M.R.S. § 1420-K(3) (License denial, nonrenewal or revocation: effect on business entity)

  “3. Effect on business entity. The license of a business entity may be suspended, revoked or refused if the superintendent finds, after hearing, that an individual licensee's violation was known or should have been known by one or more of the partners, officers or managers acting on behalf of the...”

• 24-A M.R.S. § 1449 (Reporting and accounting for premiums: trust funds)

  “All premiums and return premiums received by an insurance producer are trust funds received by the licensee in a fiduciary capacity in accordance with this section.”

• 24-A M.R.S. § 1420-L(3) (Commissions: deferral)

  “3. Deferral. Renewal or other deferred commissions may be paid to a person for selling, soliciting or negotiating insurance in this State if the person was required to be licensed under this subchapter at the time of the sale, solicitation or negotiation and was so licensed at that time.”

• 24-A M.R.S. § 1420-M(2) (Appointments: notice of appointment)

  “2. Notice. To appoint a producer as its agent, the appointing insurer shall file, in a format approved by the superintendent, a notice of appointment within 15 days from the date the agency contract is executed or the first insurance application is submitted.”

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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 23 - Trade Practices and FraudsState statute