Maine § 24-A §2003 Definitions

Maine Statutes

§ 24-A §2003 — Definitions

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 19 SURPLUS LINES

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1."Producer" means a producer with surplus lines authority duly licensed as such under this chapter.

2.To "export" means to place insurance in a nonadmitted insurer under this Surplus Lines Law.

3."Admitted insurer'' means an insurer licensed to engage in the business of insurance in this State.

4."Affiliate'' means, with respect to an insured, any entity that controls, is controlled by or is under common control with the insured.

5."Affiliated group'' means any group of affiliates.

6."Exempt commercial purchaser'' means an exempt commercial purchaser as defined by the federal Nonadmitted and Reinsurance Reform Act of 2010, Public Law 111-203, Section 527.

7."Home state'

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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
1.
"Producer" means a producer with surplus lines authority duly licensed as such under this chapter.
2.
To "export" means to place insurance in a nonadmitted insurer under this Surplus Lines Law.
3.
"Admitted insurer'' means an insurer licensed to engage in the business of insurance in this State.
4.
"Affiliate'' means, with respect to an insured, any entity that controls, is controlled by or is under common control with the insured.
5.
"Affiliated group'' means any group of affiliates.
6.
"Exempt commercial purchaser'' means an exempt commercial purchaser as defined by the federal Nonadmitted and Reinsurance Reform Act of 2010, Public Law 111-203, Section 527.
7.
"Home state'' means:
8.
"Nonadmitted insurance'' means any insurance permitted to be placed through a surplus lines producer with a nonadmitted insurer eligible to accept that insurance.
9.
''Nonadmitted insurer'' means an insurer not licensed to engage in the business of insurance in this State. "Nonadmitted insurer" does not include a risk retention group, as that term is defined in section 6093, subsection 13.