If you are engaged as an insurance premium finance company operating in Maine, you are required under Title 9-A MRSA to file a Maine Insurance Premium Finance Company Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Maine Insurance Premium Finance Company Bond holds you accountable for your business decisions.Â
By possessing a Maine Insurance Premium Finance Company Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.