1. Record of each transaction. Each adjuster shall keep at the adjuster’s business address shown on the license a record of all transactions under the license. For the purpose of investigation or examination by the superintendent, records may be maintained in electronic form.

[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]

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Terms Used In Maine Revised Statutes Title 24-A Sec. 1474

  • 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
  • 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. Information. The record must include:
A. A copy of all investigations or adjustments undertaken or consummated; and [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
B. A statement of any fee, commission or other compensation received or to be received by the adjuster on account of the investigation or adjustment. [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]

[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]

3. Retention. The adjuster shall make records available for examination by the superintendent at all times and shall retain the records for at least 3 years.

[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).