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
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:
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.