Maine Revised Statutes Title 24-A Sec. 7106 – Record-keeping requirements
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1. Provider records. A provider shall keep accurate accounts, books and records concerning transactions regulated under this chapter. The provider’s accounts, books and records must include the following:
A. Copies of each type of service contract sold; [PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
B. The name and address of each service contract holder to the extent furnished by the service contract holder; [PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
C. A list of the locations where service contracts are marketed, sold or offered for sale by the provider; and [PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
D. Written claims files, which must contain at least the dates and descriptions of claims related to the provider’s service contracts. [PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
[PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 7106
- Contract: A legal written agreement that becomes binding when signed.
- Provider: means a person who is contractually obligated to a service contract holder under the terms of a service contract. See Maine Revised Statutes Title 24-A Sec. 7102
- Service contract: includes a contract or agreement sold for a separately stated consideration for a specific duration that provides for any of the following:
A. See Maine Revised Statutes Title 24-A Sec. 7102Service contract holder: means a person who is the purchaser or holder of a service contract. See Maine Revised Statutes Title 24-A Sec. 7102 Superintendent: means the Superintendent of Insurance. See Maine Revised Statutes Title 24-A Sec. 7102
2. Retention period. Except as provided in subsection 4, a provider shall retain all records required to be maintained by this section for at least 3 years after the specified period of coverage has expired.
[PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
3. Form of records. The records required under this chapter may be, but are not required to be, maintained on a computer disk or other record-keeping medium. If the records are maintained in other than hard copy, the records must be capable of transfer to legible hard copy at the request of the superintendent.
[PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
4. Discontinuation of business. A provider discontinuing business in this State shall maintain its records until it furnishes to the superintendent satisfactory proof that it has discharged all obligations to service contract holders in this State.
[PL 2011, c. 345, §4 (NEW); PL 2011, c. 345, §7 (AFF).]
SECTION HISTORY
PL 2011, c. 345, §4 (NEW). PL 2011, c. 345, §7 (AFF).