Commission Alternatives - Fees and Requirements

Charge fee in addition to or in lieu of collecting commissions?
Specific Disclosures or written agreements required to charge fees to a client?
Admin fees for insurance placement?
Charges for services unrelated to the placement of insurance?
Additional licensing required?
Life and health consultants may charge fees and receive commissions for the sale of insurance as an insurance producer so long as both the consulting fee and the insurance commissions are provided for in a written agreement signed by the client. Me. Rev. Stat. Ann. tit. 24-A, § 1402; Me. Rev. Stat. Ann. tit. 24-A, § 1466. 
Yes.  If a life and health consultant charges a fee and receives a commission for the sale of insurance as a producer, both the fee and commission must be disclosed in an agreement signed by the client.  Me. Rev. Stat. Ann. tit. 24-A, § 1466. 
Yes, see fees in lieu of commissions
Yes.  Me. Rev. Stat. Ann. tit. 24-A, § 1462; Me. Rev. Stat. Ann. tit. 24-A, § 1463.

Stop-Loss Information

Employer Size
Specific Stop Loss Restrictions
Aggregate Stop Loss Restrictions
Guaranteed Issue of Stop-Loss Policies
Other notes
BOI Stop-Loss Filing Requirements arising from state law on excess 24 AMRSA §§ 707, 2304, 2452
All employers
Prohibits specific deductible limits below $20,000
Prohibits aggregate coverage attachment points of less than 120% of expected claims

Requires 12/18 coverage to be offered to all
stop-loss policies, and if coverage does not
include “tail coverage”, employer must
receive disclosure notices (approved by BOI)
advising that the policy is issued without tail coverage and disclose any associated risk for declining coverage.

Malpractice Damage Cap

Damage Cap Amount

State Code

As most recently amended, the Maine Death Act allows for the recovery of up to $750,000 to the statutory beneficiaries for “loss of comfort, society and companionship of the deceased, including any damages for emotional distress arising from the same facts as those constituting the underlying claim.” In addition, the law allows for recovery of economic damages in an unlimited amount, as well as claims for punitive damages capped at $250,000.