Maine Revised Statutes

§6402. Definitions

As used in this Act, unless the context otherwise indicates, the following terms have the following meanings. [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.
[ 1991, c. 828, §33 (NEW) .]
2. Broker. 
[ 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.
[ 1991, c. 828, §33 (NEW) .]
4. Controlling producer.  "Controlling producer" means a producer who directly or indirectly controls an insurer.
[ 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.
[ 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. [2017, c. 169, Pt. E, §5 (RP).]
B. A residual market pool or joint underwriting authority or association; or [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. [2017, c. 169, Pt. E, §5 (AMD).]
[ 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.
[ 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.
[ 2017, c. 169, Pt. E, §7 (AMD) .]
SECTION HISTORY
1991, c. 828, §33 (NEW). 1997, c. 457, §53 (AMD). 1997, c. 457, §55 (AFF). 2017, c. 169, Pt. E, §§2-7 (AMD).