Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 300 - VARIABLE LIFE INSURANCE RULE
Article XIII - Authorization of Agents for the Sale of Variable Life Insurance

Universal Citation: 02 ME Code Rules ยง XIII

Current through 2024-13, March 27, 2024

1. Qualification to Sell Variable Life Insurance: No person may sell or offer for sale in this state any variable life insurance policy unless such person is a variable life agent and has filed with the Bureau, in a form satisfactory to the Superintendent, evidence that such person holds appropriate license or authorization which may be required for the solicitation or sale of variable life insurance.

2. Reports of Disciplinary Actions: Any person authorized in this state under applicable law to sell or offer to sell variable life insurance shall immediately report to the Bureau:

a. any suspension or revocation of his or her agent's license in any other state or territory of the United States;

b. the imposition of any disciplinary sanction, including suspension or expulsion from membership, suspension, or revocation of or denial of registration, imposed upon him by any national securities exchange, or national securities association, or any federal, state, or territorial agency with jurisdiction over securities or variable life insurance; and

c. any judgment or injunction entered against him or her on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.

3. Refusal to Qualify Agent to Sell Variable Life Insurance: Suspension, Revocation, or Nonrenewal of Authority. The Superintendent may reject any application or refuse to renew or initiate proceedings to suspend or revoke any agent's authority to sell or offer to sell variable life insurance for cause including that which would bar such applicant or such agent from being licensed to sell other life insurance contracts in this state.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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