Maine § 24-A §7103 Requirements for doing business

Maine Statutes

§ 24-A §7103 — Requirements for doing business

Maine § 24-A §7103

Title 24-AMAINE INSURANCE CODE

Ch. 91SERVICE CONTRACTS

This text of Maine § 24-A §7103 (Requirements for doing business) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 24-A, § 24-A §7103 (2026).

Text

1.Administrator. A provider may, but is not required to, appoint an administrator or other designee to be responsible for any or all of the administration of the provider's service contracts and compliance with this chapter. All administrators of service contracts sold in this State shall register with the superintendent as provided in this section.

2.Provision of receipt and copy of contract. A service contract may not be issued, sold or offered for sale in this State unless the provider has:

3.Sample copy before sale. A provider shall make a complete sample copy of the service contract terms and conditions available for inspection by a consumer prior to the time of sale.

4.Registration. A provider or administrator of service contracts issued, sold or offered for sale in this State sh

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1.
Administrator.
A provider may, but is not required to, appoint an administrator or other designee to be responsible for any or all of the administration of the provider's service contracts and compliance with this chapter. All administrators of service contracts sold in this State shall register with the superintendent as provided in this section.
2.
Provision of receipt and copy of contract.
A service contract may not be issued, sold or offered for sale in this State unless the provider has:
3.
Sample copy before sale.
A provider shall make a complete sample copy of the service contract terms and conditions available for inspection by a consumer prior to the time of sale.
4.
Registration.
A provider or administrator of service contracts issued, sold or offered for sale in this State shall apply for registration with the superintendent on a form prescribed by the superintendent, providing the registrant's name, full business address, telephone number and contact person and designating an agent in this State for service of process. The registration must be updated by written notification to the superintendent if changes occur in the registration on file.
5.
Provider's obligations.
To ensure the performance of the provider's obligations to its service contract holders, the provider shall either:
6.
Other financial security requirements.
Except for the requirements specified in subsections 4 and 5, other financial security requirements may not be required by the superintendent for providers.
7.
Return of service contract.
A service contract must require the provider to permit the service contract holder to return the service contract subject to the following conditions.
8.
Premium taxes.
Insurance premium taxes under Title 36, chapter 357 apply as follows.
9.
Licensing exemption.
Except for the registration requirements in subsection 4, a license or registration is not required under this Title to provide, administer, market, sell or offer to sell service contracts in this State.
10.
Insurance laws exemption.
The marketing, sale, offering for sale, issuance, making, proposing to make and administration of service contracts by providers and related service contract sellers, administrators and other persons are exempt from all provisions of the State's insurance laws, except as specified in this chapter, as long as a service contract provider or administrator has registered with the superintendent as required by subsection 4. Reimbursement insurance policies are subject to all relevant provisions of this Title to the full extent consistent with this chapter.