PUBLIC Law, Chapter 554, An Act Regarding Insurance Adjusters and Reporting Requirements for Insurance Companies

An Act Regarding Insurance Adjusters and Reporting Requirements for Insurance Companies

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 24-A MRSA §1402, sub-§1, ¶¶E and F, as enacted by PL 1997, c. 457, §23 and affected by §55, are amended to read:

E. Persons adjusting only life and health insurance claims; or

F. Adjuster trainees . ; or

Sec. 2. 24-A MRSA §1402, sub-§1, ¶G is enacted to read:

G. An individual who satisfies the following with regard to portable electronic device insurance as defined under section 7001, subsection 6, paragraph A:

(1) The individual collects claim information from, or furnishes claim information to, insureds or claimants and conducts data entry including entering data into an automated claims adjudication system; and

(2) The individual is an employee of an adjuster licensed under this chapter or the adjuster's affiliate.

No more than 25 individuals under the supervision of one licensed adjuster or insurance producer described under paragraph C may be exempt pursuant to this paragaph.

For purposes of this paragraph, "automated claims adjudication system" means a preprogrammed computer system designed for the collection, data entry, calculation and final resolution of portable electronic device insurance claims that is used by an adjuster, insurance producer or supervised individual operating pursuant to this paragraph; complies with all claims payment requirements of the Maine Insurance Code; and is certified as compliant with this paragraph by a licensed adjuster that is an officer of a business entity licensed under this chapter.

Sec. 3. 24-A MRSA §1413, sub-§2, as amended by PL 2001, c. 259, §14, is further amended to read:

2. Officers; directors; members; partners. A business entity shall notify the superintendent of its members, directors, officers or partners , and of all executive officers and directors of entities owning and individuals owning, directly or indirectly, 51% or more of the outstanding voting securities of the applicant, within 14 days of a request for such information by the superintendent.

Effective 90 days following adjournment of the 125th Legislature, Second Regular Session, unless otherwise indicated.

HP1305 LD 1773	PUBLIC Law, Chapter 554 Signed on 2012-03-29 00:00:00.0 - Second Regular Session - 125th Maine Legislature
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