HP0481, LD 705, item 1, An Act Relating to Insurance Licensing

An Act Relating to Insurance Licensing

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

Sec. 1. 24-A MRSA §1416-A, sub-§2, as amended by PL 2005, c. 43, §1, is further amended to read:

2. Biennial license continuation fees. Each nonresident adjuster and consultant must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by January 1st of even-numbered years. Each nonresident business entity must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by April 1st of odd-numbered years. Each resident adjuster and consultant must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by October 1st of even-numbered years. Each resident consultant must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by the date the completion of the consultant's biennial education requirements is due in accordance with section 1482. Each resident business entity must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by December 1st of even-numbered years.

Sec. 2. 24-A MRSA §1419, as amended by PL 2001, c. 259, §23, is further amended to read:

§ 1419. Duty to notify of changes; payment of late fee

Unless a different time is set by another provision of law, any change of business address, business telephone number, e-mail address, name or other material change in the conditions or qualifications set forth in the original application of a licensee must be reported to the superintendent no later than 30 days after the change. This requirement includes any conviction of a crime other than a traffic violation or any disciplinary action brought by an insurance regulatory official of any other jurisdiction against the licensee or against any officer, director, member or partner in a business entity. A licensee shall report to the superintendent any administrative action taken against the licensee in another jurisdiction or by another governmental agency in this State within 30 days of the final disposition of the matter. This report must include a copy of the order, consent to order or other relevant legal documents. Within 30 days of the initial pretrial hearing date, a licensee shall report to the superintendent any criminal prosecution of the licensee taken in any jurisdiction. The report must include a copy of the initial complaint filed, the order resulting from the hearing and any other relevant legal documents. If any notice required under this section is received after the prescribed time period, the licensee shall pay the late fee for filing as prescribed in section 601.

Sec. 3. 24-A MRSA §1477 is enacted to read:

§ 1477. Reciprocity

1. Reciprocity. The superintendent shall waive any requirements for a nonresident adjuster license applicant with a valid license from that applicant's home state, except the requirements imposed by sections 1420-G and 1472, subsection 2, paragraph B, if the applicant's home state awards nonresident licenses to residents of this State on the same basis. If the applicant's home state does not license adjusters for the license or authority sought, the applicant shall designate as the applicant's home state any state in which the applicant is licensed and in good standing.

summary

This bill proposes several changes to Maine law relating to the licensing of insurance producers, consultants and adjusters. The bill requires that biennial resident insurance consultant fees be due at the same time as the biennial continuing education requirement is due. It adds a provision for insurance adjusters that allows those individuals who live in a state that does not license adjusters to obtain reciprocal licensing based on their qualifications in another state. This bill requires producers to keep both their contact information up to date, including their e-mail address, in the records of the Department of Professional and Financial Regulation, Bureau of Insurance.

HP0481 LD 705	Session - 127th Maine Legislature		LR 528 Item 1
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