Maine § 24-A §1493 License and registration requirement

Maine Statutes

§ 24-A §1493 — License and registration requirement

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 16 PRODUCERS, ADJUSTERS AND CONSULTANTS

1.In-state risks. A person may not act in the capacity of an MGA with respect to risks located in this State for an insurer licensed in this State unless that person holds a valid Maine producer license and appointment authorizing the producer to sell the applicable kinds of insurance and unless registered with the superintendent as a managing general agent pursuant to subsection 5.

2.Out-of-state risks. A person may not act in the capacity of an MGA representing an insurer domiciled in this State with respect to risks located outside this State unless that person holds a valid Maine producer license and appointment in this State and unless registered with the superintendent as a managing general agent pursuant to subsection 5.

3.Bond. The superintendent may require a bond in an amount

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1.
In-state risks.
A person may not act in the capacity of an MGA with respect to risks located in this State for an insurer licensed in this State unless that person holds a valid Maine producer license and appointment authorizing the producer to sell the applicable kinds of insurance and unless registered with the superintendent as a managing general agent pursuant to subsection 5.
2.
Out-of-state risks.
A person may not act in the capacity of an MGA representing an insurer domiciled in this State with respect to risks located outside this State unless that person holds a valid Maine producer license and appointment in this State and unless registered with the superintendent as a managing general agent pursuant to subsection 5.
3.
Bond.
The superintendent may require a bond in an amount acceptable to the superintendent for the protection of the insurer.
4.
Errors and omissions policy.
The superintendent may require the MGA to maintain an errors and omissions policy.
5.
Application.
Each managing general agent shall file with the superintendent an application for registration as a managing general agent and shall pay the fee in section 601.
6.
Duration.
Unless notification of termination of contract is received pursuant to section 1495, the certificate of registration remains in effect as long as the registrant continues to hold a valid Maine producer license and as long as the registrant complies with the provisions of this subchapter. A certificate of registration expires upon receipt by the superintendent of notification of termination of contract pursuant to section 1495 or upon notification of termination of the producer's license and the registrant shall promptly deliver the certificate of registration to the superintendent.