Maine Revised Statutes Title 24-A Sec. 1464 – Consultant’s bond
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1. Bond. Every applicant for license as a consultant shall file with the license application and maintain in effect while licensed a bond issued by an authorized surety insurer in this State, continuous in form and providing for aggregate liability of $20,000.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 1464
- consultant: as used in this subchapter , means both property and casualty consultants and life and health consultants as defined in section 1402. See Maine Revised Statutes Title 24-A Sec. 1461
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- 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
2. Indemnification. The bond must indemnify any person damaged by any fraudulent act or conduct of the licensee in transactions under the license, and must likewise be conditioned upon faithful accounting and application of all money coming into the licensee’s possession in connection with activities as such a licensee.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
3. Release. The bond remains in force until released by the superintendent or until canceled by the surety. Without prejudice to any liability previously incurred, the surety may cancel the bond upon 30 days advance written notice to the licensee and the superintendent. Upon cancellation by the surety and failure to procure a satisfactory replacement bond prior to cancellation, the consultant’s license terminates.
[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).