Maine Revised Statutes Title 24-A Sec. 2015 – Record of procured coverages
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1. Each producer shall keep in the producer’s office a full and true record of each surplus lines coverage procured by the producer, including a copy of each daily report, if any, a copy of each certificate of insurance issued, books of account in which financial entries are recorded respecting these transactions and such of the following items as may be applicable:
A. Amount of the insurance; [PL 1969, c. 132, §1 (NEW).]
B. Gross premium charged; [PL 1969, c. 132, §1 (NEW).]
C. Return premium paid, if any; [PL 1969, c. 132, §1 (NEW).]
D. Rate of premium charged upon the several items of property; [PL 1969, c. 132, §1 (NEW).]
E. Effective date of the contract and the terms of the contract; [PL 1997, c. 592, §61 (AMD).]
F. Name and address of each insurer on the direct risk and the proportion of the entire risk assumed by such insurer, if less than the entire risk; [PL 1997, c. 592, §61 (AMD).]
G. Name and address of the insured; [PL 1969, c. 132, §1 (NEW).]
H. Brief general description of the property or risk insured and where located or to be performed; and [PL 1969, c. 132, §1 (NEW).]
I. Other information as may be required by the superintendent. [PL 1969, c. 132, §1 (NEW).]
[PL 2007, c. 51, §5 (AMD).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2015
- Contract: A legal written agreement that becomes binding when signed.
- Producer: means a producer with surplus lines authority duly licensed as such under this chapter. See Maine Revised Statutes Title 24-A Sec. 2003
2. The record may not be removed from this State in the case of a resident producer with surplus lines authority and in the case of both resident and nonresident licensees must be made available and open to examination by the superintendent at all times within 5 years after issuance of the coverage to which it relates. For the purpose of investigation or examination by the superintendent, records may be maintained in electronic form.
[PL 2007, c. 51, §5 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1985, c. 564, §4 (AMD). PL 1997, c. 457, §36 (AMD). PL 1997, c. 592, §61 (AMD). PL 2007, c. 51, §5 (AMD).