Maine Revised Statutes Title 24-A Sec. 1420-M – Appointments
Current as of: 2023 | Check for updates
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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 of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed.
[PL 2017, c. 115, §3 (AMD).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 1420-M
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Nonresident: means a person other than a resident of this State. See Maine Revised Statutes Title 24-A Sec. 1402
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. An insurer may also elect to appoint a producer to all or some insurers within the insurer’s holding company system or group by the filing of a single appointment request.
[PL 2001, c. 259, §24 (NEW).]
3. Fee. An insurer shall pay an appointment fee, in the amount and method of payment set forth in section 601, for each insurance producer appointed by the insurer.
[PL 2001, c. 259, §24 (NEW).]
4. Renewal. An insurer shall remit, in a manner prescribed by the superintendent, a renewal appointment fee in the amount set forth in section 601.
[PL 2001, c. 259, §24 (NEW).]
SECTION HISTORY
PL 2001, c. 259, §24 (NEW). PL 2017, c. 115, §3 (AMD).