May A Producer Or Agency Use A Post Office Box As A Business Address?
No, a producer or agency may not use a post office box as its business address. Applications will be considered incomplete if no physical address is listed. Effective October 1, 1998, Title 24A MRSA § 1446 requires all producers to have a business location open to the public. An individual may use their residence for a place of business, in which case, the home address must be filed with the Bureau. Pursuant to Title 24A MRSA § 1419, any change of business address must be reported to the Bureau within 30 days after the change. Failure to do so may result in a penalty levied against the licensee. A licensed producer who provided the Insurance Bureau with a post office box number for a business address must notify the Office of Licensing and Registration of their physical address in order to comply with the law.
Other Maine Insurance FAQs
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Can An Insurer Scan Or Otherwise Copy The Maine Insurance Bureaus Application Forms For Producers, Agencies, Consultants And Adjusters So That The Forms Can Be Filled Out On The Computer?
A: Yes, application forms may be reproduced for use in Maine.
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Q:
Can An Applicant Submit Their Producer, Consultant, Adjuster, Or Agency Application Via E-Mail?
A: Yes, an application may be submitted via email as long as the hard copy of the application is also submitted later. In the future, the Bureau of Insurance expects …
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Q:
Does An Adjuster Who Adjusts Claims For Several Insurers That Comprise A Group Of Affiliated Insurers Have To Be Licensed?
A: Title 24A MRSA § 1402 exempts "employees of insurers" from the definition of adjuster. The Bureau of Insurance has interpreted this exemption to include an …
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Q:
Must A Licensed Producer, Adjuster, Or Consultant Report Disciplinary Actions Brought By Other Jurisdictions Or Criminal Convictions That Are Finalized After They File The Initial Application In Maine?
A: Yes, a producer, adjuster, or consultant is under a continuing obligation pursuant to Title 24A MRSA § 1419 to report within 30 days any material changes in …
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Q:
How Much Time Does The Company Have To Pay My Claim?
A: Your insurance policy specifies the time within which your claim must be either paid or denied. Usually you are required to submit a "Proof of Loss" which documents …
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Q:
Am I Required To Provide A Recorded Statement About The Claim?
A: Yes, your insurance policy requires you to cooperate with the insurer in the settlement of any claim. Many also require you to submit to an examination under oath.
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Q:
What Effect Will Repeated Cancellation For Nonpayment Have On My Ability To Find Coverage In The Future?
A: You could be refused coverage altogether, or insurers might require that you submit most or all of the premium in advance with a bank check or money order.
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What Are The Possible Effects Of Concealing Information From The Insurance Company?
A: You may jeopardize your coverage (a policy cancellation or nonrenewal could result) and payment for claims if the concealment is "material," meaning that it would …
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Q:
Why Is The Insurance Company Not Returning All Of My Premium?
A: Depending on the type of policy, you may be required to pay a minimum premium, or the premium may be fully "earned." In other instances, if you replaced your coverage …
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Q:
I Was In An Accident Caused By Someone Else. Their Insurance Company Wont Pay For All Of My Damages. What Can I Do About This? Can The Bureau Help Me?
A: The Bureau can investigate to determine the reason why the company has not accepted full responsibility for the loss. Often thirdparty cases are paid on the basis …
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