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United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 24-A, § 6402: Definitions, 1991

This section defines several insurance terms used in the Act.

Source excerpt

definitionsinsurance regulation
Jurisdiction
United States — Maine
Structure
1 provisions
Official identity
Year 1991
Dates
Enacted 1991 · Source version 1 Oct 2025
More statute details
Dates
Enacted 1991 · Source version 1 Oct 2025
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“This section defines several insurance terms used in the Act.”

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    Enacted 1991 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Definitions

This section defines several insurance terms used in the Act.

Section 6402

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Source record from legislature.maine.gov · Enacted 1991 · Source version 1 Oct 2025

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Interpretation
§ 6402DefinitionsInterpretation

Source excerpt

This section defines several insurance terms used in the Act.

As used in this Act, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 828, §33 (NEW).] 1. Accredited state. "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the National Association of Insurance Commissioners. [PL 1991, c. 828, §33 (NEW).] 2. Broker. [PL 2017, c. 169, Pt. E, §2 (RP).] 3. Control or controlled. "Control" or "controlled" has the same meaning as set out in section 222, subsection 2, paragraph B. [PL 1991, c. 828, §33 (NEW).] 4. Controlling producer. "Controlling producer" means a producer who directly or indirectly controls an insurer. [PL 2017, c. 169, Pt. E, §3 (AMD).] 5. Controlled insurer. "Controlled insurer" means a licensed property or casualty insurer that is controlled directly or indirectly by a producer. [PL 2017, c. 169, Pt. E, §4 (AMD).] 6. Licensed property or casualty insurer. "Licensed property or casualty insurer" means any person licensed to transact a property or casualty insurance business, or both, in this State with the exception of: A. [PL 2017, c. 169, Pt. E, §5 (RP).] B. A residual market pool or joint underwriting authority or association; or [PL 2017, c. 169, Pt. E, §5 (AMD).] C. A special purpose reinsurance vehicle holding a limited certificate of authority under section 782 or a captive insurance company, other than a risk retention group, licensed under section 6702. [PL 2017, c. 169, Pt. E, §5 (AMD).] [PL 2017, c. 169, Pt. E, §5 (AMD).] 7. Producer. "Producer" means an insurance producer licensed or required to be licensed pursuant to chapter 16 or a person holding or required to hold a comparable license in another state where a licensed property or casualty insurer does business. [PL 2017, c. 169, Pt. E, §6 (AMD).] 8. Subproducer. "Subproducer" means a producer who, for shared commission or other recompense, places business with a controlled insurer through a controlling producer. [PL 2017, c. 169, Pt. E, §7 (AMD).]
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  • 1 Oct 2025 · currentEnglish

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