1. Uniform application. An individual applying for a resident insurance producer license shall apply to the superintendent on the uniform application and declare under penalty of refusal, suspension or revocation of the license that the statements made in the application are true, correct and complete to the best of the individual’s knowledge and belief. Before approving the application, the superintendent must find that the individual:
A. Is at least 18 years of age; [PL 2001, c. 259, §24 (NEW).]
B. Has not committed any act that is a ground for denial, suspension or revocation set forth in section 1420?K; [PL 2001, c. 259, §24 (NEW).]
C. [PL 2007, c. 51, §2 (RP).]
D. Has paid any required fees set forth in section 601; and [PL 2001, c. 259, §24 (NEW).]
E. Has successfully passed the examinations for the lines of authority for which the person has applied. [PL 2001, c. 259, §24 (NEW).]

[PL 2007, c. 51, §2 (AMD).]

Terms Used In Maine Revised Statutes Title 24-A Sec. 1420-E

  • Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity. See Maine Revised Statutes Title 24-A Sec. 1420-A
  • Insurance producer: means a person required to be licensed under the laws of this State to sell, solicit or negotiate insurance. See Maine Revised Statutes Title 24-A Sec. 1420-A
  • Insurer: means a person engaged in the business of entering into contracts of insurance, as defined in section 3, and includes a health maintenance organization, fraternal benefit society, nonprofit hospital or medical service organization, viatical settlement provider or risk retention group. See Maine Revised Statutes Title 24-A Sec. 1420-A
  • License: means a document issued by the superintendent authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Maine Revised Statutes Title 24-A Sec. 1420-A
  • Limited line credit insurance: includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection insurance and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the superintendent determines should be designated a form of limited line credit insurance. See Maine Revised Statutes Title 24-A Sec. 1420-A
  • Person: means an individual or a business entity. See Maine Revised Statutes Title 24-A Sec. 1420-A
  • Resident: means any of the following:
A. See Maine Revised Statutes Title 24-A Sec. 1402
  • Uniform application: means the uniform application for resident and nonresident producer licensing authorized by the National Association of Insurance Commissioners or its successor organization. See Maine Revised Statutes Title 24-A Sec. 1420-A
  • Uniform business entity application: means the uniform business entity application for resident and nonresident business entities authorized by the National Association of Insurance Commissioners, or its successor organization. See Maine Revised Statutes Title 24-A Sec. 1420-A
    • 2. Uniform business entity application. A business entity acting as an insurance producer is required to obtain an insurance producer license. Application must be made using the uniform business entity application. Before approving the application, the superintendent must find that:
    A. The business entity has paid any required fees set forth in section 601; and [PL 2001, c. 259, §24 (NEW).]
    B. The business entity has designated a licensed producer responsible for the business entity’s compliance with the insurance laws, rules and regulations of this State. [PL 2001, c. 259, §24 (NEW).]

    [PL 2001, c. 259, §24 (NEW).]

    3. Verification. The superintendent may require any documents reasonably necessary to verify the information contained in an application.

    [PL 2001, c. 259, §24 (NEW).]

    4. Instruction. Each insurer that sells, solicits or negotiates any form of limited line credit insurance shall provide to each individual whose duties will include selling, soliciting or negotiating limited line credit insurance a program of instruction that may be approved by the superintendent.

    [PL 2001, c. 259, §24 (NEW).]

    SECTION HISTORY

    PL 2001, c. 259, §24 (NEW). PL 2007, c. 51, §2 (AMD).
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