SP0720

Maine SP0720 amends insurance laws to update surplus lines coverage, modify insurer responsibilities, and clarify definitions.

Maine SP0720 amends the Maine Revised Statutes to update the rules governing surplus lines insurance coverage. It specifies that certain types of insurance, including workers' compensation, cannot be exported in the surplus lines market. The bill also updates the notice requirements for surplus lines contracts and applications, and removes the requirement for surplus lines insurers to establish evidence of good repute and financial integrity. Additionally, it clarifies the definition of "nonadmitted insurance" and updates the notice on surplus lines contracts.