Maine: premium trust account rules
What Maine requires of insurance producers holding premium funds, and what happens when those funds are diverted.
Citation
24-A M.R.S.A. §§ 1417; 1449; 1420-K
Source chart last reviewed this jurisdiction: 2/25
What the jurisdiction requires
All premiums received are trust funds received by the licensee in a fiduciary capacity.
Penalties for diversion
A producer’s license may be denied, revoked, suspended, or placed on probation for improperly withholding, misappropriating, or converting any money received in the course of an insurance transaction. Superintendent may levy a civil penalty or take any combination of such actions.
This reference is not legal advice. Citations and summaries are transcribed from the NAIC's Fiduciary Responsibilities—Premiums chart (Spring 2025) and reflect that chart's own review dates, which vary by jurisdiction. Statutes change, and the chart may lag the current code. Confirm the current text of any provision with the jurisdiction's insurance department or your own counsel before relying on it.
Tie out a Maine trust account
Tie your premium trust account out three ways — bank, ledger and what you owe — with Maine's cited rule beside the worksheet. Runs in your browser; nothing is uploaded.
Trust account reconciliation worksheetKeep your trust account provably in balance
Policy Balance Hub tracks premium held in trust against what you owe each carrier, so the reconciliation an examiner asks for already exists.