Maine Laws, Rules, and Regulations
Who regulates what
Maine insurance is regulated by the Maine Bureau of Insurance under the Superintendent of Insurance. The Superintendent licenses producers, approves policy forms and rates, examines insurers, and enforces the unfair trade practice and unfair claims settlement practice statutes. Know that a producer's license is a privilege, not a right, and that the Bureau can suspend, revoke, refuse to renew, or fine for cause.
Licensing, appointment, and education
Candidates should understand the license cycle: pass the exam, apply, be appointed by an insurer, and maintain continuing education each license term - commonly 24 credit hours biennially, including an ethics component (confirm the current hour breakdown in the Maine statute before exam day, since it has been amended). A producer owes fiduciary duties on premium funds, must not commingle premium with personal funds, and must promptly remit premium to the insurer. Report administrative actions and criminal convictions to the Bureau.
Market conduct and consumer protection
Expect questions on misrepresentation, twisting, rebating, unfair discrimination, and unfair claim settlement practices (failing to investigate promptly, denying without a reasonable basis, failing to explain a denial). Maine also requires written advance notice of cancellation and nonrenewal, with shorter notice for nonpayment of premium - memorize the exact day counts from the current statute.
Maine-specific numbers
Minimum auto liability is $50,000 per person / $100,000 per accident / $25,000 property damage, and uninsured motorist coverage must be offered at those same limits unless the insured rejects it in writing.
Rule of thumb: "50/100/25, plus UM" - if a Maine auto question offers lower limits, it is wrong.