Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 370 - GROUP LEGAL SERVICES INSURANCE
Section 031-370-4 - Certificate of authority
Universal Citation: 02 ME Code Rules ยง 031-370-4
Current through 2024-38, September 18, 2024
An application for a certificate of authority to transact the business of legal services insurance must satisfy the following requirements:
A. If the applicant is not authorized to transact health insurance business in this State, information must be provided on forms prescribed by the Superintendent to adequately demonstrate that the applicant is qualified to be so authorized; and
B. The applicant must demonstrate the willingness and ability to assure that the promised benefits can be provided. In making this determination the superintendent shall consider so far as applicable:
(1) The adequacy of surplus
funds;
(2) Any agreement with
lawyers or paralegal personnel for the provision of legal services;
(3) The financial soundness of the
applicant's arrangements for legal services; and
(4) Any additional information considered
relevant.
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