The Maine Bureau of Insurance published a bulletin announcing the adoption of Rule 161 – Surplus Lines Insurers. The rule sets the requirements and standards for insurers issuing surplus lines insurance where Maine is the home state of the risk.
Insurers domiciled in the United States are eligible is approved by the Superintendent. Insurers not domiciled in the United States are eligible only if listed on the most recent quarterly listing of alien insurer issued by the NAIC.
Insurers domiciled in the United States that are applying for surplus lines eligibility must be licensed in its domiciliary state for the class or classes it proposed to write in Maine. Insurers must maintain the capital and surplus requirements of its domiciliary state or a minimum of $15 million.
If the capital and surplus is less than $15 million, but greater than $4.5 million or the minimum required by their home state, the insurer can request approval from the Superintendent that the amount is adequate.
Insurers must include on the application its name and home office address, location of its principal office, its NAIC company code, contact information, a certificate of compliance, among other requirements. The Superintendent may suspend an insurer's eligibility if determined that the application contained materially false information.
The rule is effective September 20, 2026, and can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.