Surplus Lines Law
Maine · Agents, Brokers, Consultants and Adjusters (Repealed) · §§ 2001 to 2020 · 23 sections
Overview
Surplus lines insurance — coverage obtained from insurers that are not licensed to transact business in the state — is the subject of this act, which sets the conditions under which a risk may be exported to that market and identifies the coverages and classes exempt from those restrictions. It establishes eligibility standards for the insurers that may write such coverage, licenses the producers authorized to place it, and requires them to post a surety bond, keep records of coverages procured, disclose the insurer's unlicensed status on the contract and application, and file periodic and annual reports remitting premium taxes, with penalties for nonpayment and grounds for suspension or revocation of the license. The act also confirms that surplus lines contracts are valid and enforceable, fixes the insurer's liability for losses and unearned premiums, and provides a method for serving legal process on an insurer writing through this market.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Me. Rev. Stat. tit. 24-A, § 2001Short title
- Me. Rev. Stat. tit. 24-A, § 2001-AScope
- Me. Rev. Stat. tit. 24-A, § 2002Exemptions
- Me. Rev. Stat. tit. 24-A, § 2002-AExemptions from provisions
- Me. Rev. Stat. tit. 24-A, § 2003Definitions
- Me. Rev. Stat. tit. 24-A, § 2004Conditions for export
- Me. Rev. Stat. tit. 24-A, § 2005Report of coverage
- Me. Rev. Stat. tit. 24-A, § 2006Open lines for export
- Me. Rev. Stat. tit. 24-A, § 2007Eligible surplus lines insurers
- Me. Rev. Stat. tit. 24-A, § 2008Evidence of the insurance; changes; penalty
- Me. Rev. Stat. tit. 24-A, § 2009Identification and notice on contract and application
- Me. Rev. Stat. tit. 24-A, § 2009-ACancellation or nonrenewal of surplus lines coverage
- Me. Rev. Stat. tit. 24-A, § 2010Surplus lines insurance valid
- Me. Rev. Stat. tit. 24-A, § 2011Insurer's liability for losses and unearned premiums
- Me. Rev. Stat. tit. 24-A, § 2012Surplus lines authority
- Me. Rev. Stat. tit. 24-A, § 2013License suspension or revocation
- Me. Rev. Stat. tit. 24-A, § 2014Producer with surplus lines authority may compensate another producer
- Me. Rev. Stat. tit. 24-A, § 2015Record of procured coverages
- Me. Rev. Stat. tit. 24-A, § 2016Periodic reports and tax payments
- Me. Rev. Stat. tit. 24-A, § 2017Annual report
- Me. Rev. Stat. tit. 24-A, § 2018Failure to pay tax
- Me. Rev. Stat. tit. 24-A, § 2019Legal process against surplus line insurer
- Me. Rev. Stat. tit. 24-A, § 2020Producer's surety bond
Enacted in other states
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