Licensing Requirements: Surplus lines brokers are required to be licensed under Maine law. Me. Rev. Stat. Ann. tit. 24-A, § 2004. To become a resident surplus lines broker, an applicant
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? An insurance producer shall receive and
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Property and casualty consultants may charge fees, but may
If a life and health consultant charges a fee and receives a commission for the sale of insurance as a producer, both the fee and commission must be disclosed in
What entities are covered? “[A]n information broker that maintains computerized data that includes personal information.” § 1348(1)(A). Information broker means “a person who, for monetary fees or dues, engages in
