Maine Laws And Rules Common To Property And Casual
Maine Laws and Rules Common to Property and Casual
Exam (elaborations)
Maine Laws and Rules Common to Property and Casualty Insurance
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Course
Maine Laws and Rules Common to Property and Casual
Institution
Maine Laws And Rules Common To Property And Casual
Superintendent of Insurance in Maine - answer-Eric Cioppa
Superintendent of Insurance Definition and Broad Powers - answer-Head of the Bureau of Insurance, and has jurisdiction over all banking and insurance business in Maine.
Appointed by the governor
Remains in officer for 5 years, unles...
MAINE LAWS AND RULES COMMON TO PROPERTY
AND CASUALTY INSURANCE
Superintendent of Insurance in Maine - answer-Eric Cioppa
Superintendent of Insurance Definition and Broad Powers - answer-Head of the Bureau of
Insurance, and has jurisdiction over all banking and insurance business in Maine.
Appointed by the governor
Remains in officer for 5 years, unless removed by impeachment
Enforces the provisions of the insurance code.
The superintendent has the powers and authority expressly vested by or reasonably implied
from this title and has additional rights, powers, and duties that may be provided by other laws.
Has authority to examine the affairs, transactions, accounts, records, and assets of all insurers
authorized to conduct insurance business in Maine and determine whether or not the insurers
are:
Fulfilling their contracted obligations, complying with the law, and in sound financial condition.
The superintendent must examine insurance companies at least once every three to five years
and can conduct investigations as often as necessary.
Must conduct exam of all insurers that apply for certificates of authority to transact insurance
business in Maine
Domestic and foreign health carriers will be subject to a market conduct exam at least once
every five years.
Superintendent of Insurance Notice and hearing - answer-The superintendent must hold a
hearing if required by a provision of the Maine Insurance Title or upon written application for a
hearing by anyone who is dissatisfied with an act or report or the Superintendent.
Hearing applications must be filed no later than 30 days after the person should have known of
the act or report.
If the superintendent believes the application was made in good faith, they can hold a hearing
within 30 days after the application was filed.
Superintendent must give written notice of hearing 14 days in advance.
, All hearings public, unless private hearing is in publics best interest.
Any party involved in hearing may appeal within 30 days of receiving notice.
Indirect parties have 40 days to appeal.
Civil Penalties - answer-Individuals: Civil Penalty between between $500 and $5,000
for each violation
Corporations: between $2,000 and $15,000 for violations
Authorized - answer-Companies that have obtained a certificate of authority are also known as
authorized insurers.
All insurers must hold a certificate of authority issued by the Superintendent of Insurance.
Unauthorized - answer-Insurers that have not been issued a certificate of authority are referred
to as unauthorized insurers.
No foreign or alien insurer will be authorized to transact a kind of insurance in Maine unless it is
authorized or qualified to transact the same lines of insurance in its domiciled state or country.
Approved unauthorized insurers may still transact business in Maine, but may do so only
through licensed surplus lines.
Certificate of Authority - answer-Issued by the Superintendent of Insurance
To qualify for authority, an insurer must possess and maintain an amount of paid-in capital if a
stock company, or surplus if a mutual or reciprocal insurer, as required by the superintendent.
This amount varies based on the type of business written by the company.
Surplus Lines Law - answer-2002-A:
Following lines must be procured from authorized insurers and not eligible for export from
surplus lines market:
Life Insurance
Health Insurance
Employee Benefit Excess Insurance
Surplus lines law may not be used to place reinsurance.
2004:
Conditions for procurement of Coverage
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