Maine Revised Statutes Title 24-A Sec. 1411 – License required
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1. Producer. A person may not act as or purport to be an insurance producer or limited insurance producer or engage in producer activities with respect to insurance risks resident, located or to be performed in this State or elsewhere for any kind or kinds of insurance unless licensed for such a kind or kinds in accordance with subchapter II?A.
[PL 2001, c. 259, §12 (AMD).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 1411
- Adjuster: means any individual who, as an independent contractor or as an employee of an independent contractor, or as an employee of another organization, for fee, commission or other compensation, investigates for, settles on behalf of and reports to an insurer, fraternal benefit society, workers' compensation self-insurer or insured relative to claims arising under the workers' compensation laws or other types of insurance contracts. See Maine Revised Statutes Title 24-A Sec. 1402
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Consultant: means any individual who, for a fee, advises or offers to advise any person insured or seeking insurance or named or to be named as beneficiary, or having or to have any interest in or insured under any property and casualty or life and health insurance contract or annuity contract, existing or proposed. See Maine Revised Statutes Title 24-A Sec. 1402
- Contract: A legal written agreement that becomes binding when signed.
- Insurance producer: means a person required to be licensed under subchapter II?A to sell, solicit or negotiate insurance. See Maine Revised Statutes Title 24-A Sec. 1402
- License: means a document issued by the superintendent authorizing a person to act as an insurance producer, adjuster or consultant for kinds of insurance specified in the document as authorized in this chapter. See Maine Revised Statutes Title 24-A Sec. 1402
- Resident: means any of the following:
2. Consultant; adjuster. A person may not act as or purport to be a consultant with respect to insurance risks resident, located or to be performed in this State or elsewhere unless licensed as a consultant under this chapter. A person may not act as or purport to be an adjuster unless licensed as an adjuster under this chapter, except as provided in section 1475.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
3. Insurance business. A person may not for a fee or commission engage in the business of offering any advice, counsel, opinion or similar service with respect to the benefits, advantages or disadvantages under any policy of insurance that is issued in this State unless that person is:
A. Engaged or employed as an attorney licensed in this State to practice law; [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
B. A licensed insurance producer offering advice concerning a kind of insurance for which the insurance producer is licensed to transact business and does not receive a separate fee for rendering such advice other than commissions or fees for the sale of an insurance or annuity policy, except that this paragraph does not apply to a licensed insurance producer who is also authorized to act as or on behalf of an investment advisor pursuant to section 1402, subsection 4, paragraph D, subparagraph (6); [PL 1999, c. 225, §3 (AMD).]
C. An actuary or a certified public accountant engaged or employed in a consulting capacity, performing duties incidental to that position; [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
D. A licensed adjuster acting within the scope of the license; or [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
E. A licensed insurance consultant acting within the scope of the license. [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
[PL 1999, c. 225, §3 (AMD).]
4. Liability. A licensee is personally liable under any insurance contract made by or through the licensee that is outside the scope of the license authority. An insurance contract issued on an application solicited, received or forwarded by an unlicensed person and otherwise valid is not thereby rendered invalid.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
SECTION HISTORY
PL 1997, c. 457, §23 (NEW). PL 1997, c. 457, §55 (AFF). PL 1999, c. 225, §3 (AMD). PL 2001, c. 259, §12 (AMD).