Commercial Property

LINE OF BUSINESS:	Property	LINE(S) OF INSURANCE	CODES
		Commercial Property	1.0001

Code:	1.0000


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REVIEW REQUIREMENTS	REFERENCE	DESCRIPTION OF REVIEW STANDARDS REQUIREMENTS
GENERAL REQUIREMENTS FOR ALL FILINGS
ELECTRONIC FILINGS	Insurance - Bulletin 360 Title 24-A §2304-A. Rate filings Title 24-A §2412. Filing, approval of forms
COVER LETTER		Cover letters may be attached to the Supporting Documentation Tab or the text entered under the Filing Description located under the General Information tab in SERFF
EFFECTIVE DATE	Title 24-A - §3002. Standard fire policy required; exceptions	Policies effective at 12:01 AM Standard Time Include proposed effective date on SERFF General Information
LIMITATIONS/RESTRICTIONS ON TRANSACTING BUSINESS	Title 24-A - §404. Certificate of authority required; enforcement; penalty	Must have certificate of authority to transact business
LINE OF AUTHORITY	Fire and Allied Lines	Must have requisite certificate of authority to transact business before submitting rate/rule/form filings
FILING EXEMPTIONS	Title 24-A - §2412-A. Large commercial contracts	Large commercial risks exempt from filing — refer to statute for criteria and definition of large commercial risk
THIRD PARTY FILERS AUTHORITY	Title 24-A - §2412. Filing, approval of forms Title 24-A - §2304-A. Rate filings	Must include authorization to communicate directly with third party filers Rate Filing Requirements Rate/Rule/Form filing Requirements
FORMS--POLICY PROVISIONS
ACCESS TO COURTS	Title 24-A - §2433. Jurisdiction of courts, limitation of actions	Maine Courts must have jurisdiction
Action Against Company	Title 24-A - §2433. Jurisdiction of courts, limitation of actions	Insured must be given two years from date of loss to bring suit against insurer
AMBIGUOUS & MISLEADING	Title 24-A - §2413. Grounds for disapproval	Forms shall be disapproved by the superintendent if they contain or incorporate by reference any inconsistent, ambiguous or misleading clauses
APPLICATIONS	Title 24-A - §2411. Representations in applications Title 24-A - §2412. Filing, approval of forms Title 24-A - §2186. Insurance fraud prevention	Must file applications only if to be made part of the policy. All statements are considered representations not warranties. The Maine Fraud Warning must appear permanently affixed on all application (i.e. new business, renewal, supplemental, etc…).
APPRAISALS	Title 24-A - §3002. Standard fire policy required; exceptions	Refer to Standard Fire Policy for appraisal provision
ARBITRATION	Title 24-A - §2433. Jurisdiction of courts, limitation of actions	Binding arbitration is not permitted
BLANK ENDORSEMENTS	Title 24-A - §2412. Filing, approval of forms	Blank endorsements are considered manuscript forms and generally not acceptable. Each manuscripted change is subject to review and can be filed as a consent to form filing pursuant to 24-A § 2308(2).
CANCELLATION & NON-RENEWAL	Title 24-A - §3007. Cancellation and nonrenewal	Statutory grounds required to cancel mid-term and must be included in Maine amendatory endorsement; statutory notice required for both cancellation & non-renewal; Maine amendatory endorsement must include mailing time language
CONTENT OF POLICIES	Title 24-A - MAINE INSURANCE CODE Title 24-A - Chapter 27, THE INSURANCE CONTRACT Title 24-A - §3001. CONTRACTS SUBJECT TO GENERAL PROVISIONS Title 24-A - Chapter 41, PROPERTY INSURANCE CONTRACTS	Contracts subject to provisions of Property Chapter 41 and general provisions of Chapter 27
CREDIT SCORING	Title 24-A - §2169-B. Use of consumer reports in insurance underwriting Insurance – Bulletin 329
DISCRIMINATION	Title 24-A - §2162. Unfair discrimination, rebates prohibited -- property, casualty, surety insurance	Restrictions on policy provisions relating to benefits not associated with loss and reductions in premium associated with savings and expenses
FICTITIOUS GROUPS	Title 24-A - §2172. Fictitious groups	Prohibited
FRAUD WARNING	Title 24-A - §2186. Insurance fraud prevention	Statutory (or substantially similar) wording must be included on all applications (i.e. new business, renewal, supplemental, etc…) and claim forms.
GROUP POLICIES	Title 24-A - §2951. Group property and casualty insurance	Property coverage is not eligible under the property and casualty law.
LOSS PAYEE	Insurance Bulletin 372 Title 24-A Ch. 41: Property Insurance Contracts - Subchapter 3: LIEN OF MORTGAGEES ON POLICIES	Mortgagee notification must be consistent with Standard Fire Policy
LOSS SETTLEMENTS	Title 24-A - §3004-A. Actual cash value Title 24-A §2436. Interest on overdue payments	Statutory definition of ACV
LOSS VALUATION	Title 24-A - §3002. Standard fire policy required; exceptions Title 24-A, §3004-A: Actual cash value	See appraisal clause of Standard Fire Policy Statutory definition of ACV applies
MINIMUM STANDARDS FOR CONTENT (POLICIES AND STANDARD FORMS)	Title 24-A §2414. Standard provisions, in general Title 24-A - §3001. Contracts subject to general provisions Title 24-A - §3004-A. Actual cash value Title 24-A - Chapter 27, THE INSURANCE CONTRACT Title 24-A – Chapter 41, Property Insurance Contracts Title 24-A - MAINE INSURANCE CODE	Statutory definition of ACV applies Property contracts are subject to provisions of Chapter 41 and other applicable provisions of Title 24-A (The Maine Insurance Code)
MORTGAGEE/LIENHOLDER	Title 24-A - §3002. Standard fire policy required; exceptions Insurance Bulletin 372	Must be consistent with the Maine Standard Fire Policy
NOTICE OF CANCELLATION	Title 24-A §3007. Property insurance contracts. Insurance - Bulletin 201	Minimum 10 days advance notice required for cancellation & must allow for 3 days mail time, i.e., proof of mailing is not proof of receipt until the third calendar day after mailing; Also, notice must inform insured of right to request a hearing within 45 days of receipt of notice
NOTICE OF NON-RENEWAL	Title 24-A §3007. Property insurance contracts. Insurance - Bulletin 201	Minimum 30 days advance notice required for nonrenewal & must allow for 3 days mail time, i.e., proof of mailing is not proof of receipt until the third calendar day after mailing
PAYMENT OF LOSS TIME PERIOD	Title 24-A, §2436: Interest on overdue payments	Payment within thirty days and interest on overdue payments of 1.5% per month.
POST JUDGMENT INTEREST	Bulletin 353 : Bureau of Insurance Title 14 § 1602-C Interest after judgment	Maine statutory law provides for the payment of post-judgment interest and case law has held that an insurer must pay post-judgment interest as a supplemental payment without regard to the policy terms (i.e. policy limit, sub-limits, exclusions, deductibles, retentions, etc…).
PRIOR APPROVAL	Title 24-A - §2412. Filing, approval of forms	Statute contains a deemer provision
PRIVACY NOTICE	Title 24-A - §2206. Notice of insurance information practices	See Title 24-A, Ch. 24 generally for insurance information and privacy protection.
REBATES	Title 24-A - §2162. Unfair discrimination, rebates prohibited -- property, casualty, surety insurance Title 24-A - §2163. Receipt of rebate, illegal inducement prohibited Insurance Bulletin 233	Sales inducements rebates prohibited unless contained in policy
STANDARD FIRE POLICY	Title 24-A - §3002. Standard fire policy required; exceptions	Property coverage must include Maine Standard Fire Policy provisions.
SUBROGATION	Title 24-A, §3002: Standard fire policy required; exceptions	See Property Policy Coverage Form.
SUIT	Title 24-A - §2433. Jurisdiction of courts, limitation of actions	Insured must be given 2 years from date of loss to bring suit against the insurer
TERRORISM	Insurance Bulletin 348	Permitted on this line of business but cannot exclude Standard Fire Policy
VOIDANCE	Title 24-A, §2411: Representations in applications	Insurers may not void coverage for concealment, misrepresentation or fraud except in compliance with Maine case law. See American Home Assurance Co. v. Ingeneri, 479 A.2d 897 (ME 1984).
WARRANTIES	Title 24-A - §2411. Representations in applications	Statements on applications are deemed to be representations, not warranties
RATE, RULE, RATING PLAN, CLASSIFICATION, AND TERRITORY FILING REQUIREMENTS
ADOPTIONS OF RATE SERVICE ORGANIZATIONS (RSO) FILINGS	Title 24-A - §2304-B. Reference filings Insurance - Bulletin 176	Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss costs multiplier.
BILIING FEES INSTALLMENTS, LATE, NSF & REINSTATEMENT)	Title 24-A, §2304-A: Rate filings	Considered part of rating plan.
CATASTROPHE HAZARDS	Title 24-A - §2303. Making of rates Title 24-A, §2304-A: Rate filings	Rate provisions must be supported by experience or relevant catastrophe models
CONSENT-TO-RATE	Title 24-A - §2308. Excess rates	Permitted if rating manual filing previously filed does not contemplate the specific risk being assumed.
CREDIBILITY & OTHER FACTORS	Title 24-A - §2303: Making of rates	Rate and loss costs multiplier calculation should reflect credibility.
CREDIT SCORING AND REPORTS	Title 24-A - §2169-B. Use of consumer reports in insurance underwriting Insurance - Bulletin 329
DISCOUNTS	Title 24-A, §2304-A: Rate filings	Credits must be filed
EXPENSE MODIFICATION PLAN		Considered part of rating plan.
EXPENSES	Title 24-A - §2303. Making of rates	Rate and loss costs multiplier calculation should reflect expenses of insurer.
EXPERIENCE	Title 24-A - §2303. Making of rates	Rate and loss costs multiplier calculation should reflect experience of insurer.
EXPERIENCE RATING		Considered part of rating plan.
GROUP POLICIES	Title 24-A - §2951. Group property and casualty insurance	Property coverage is not eligible under the property and casualty law.
IRPM		Considered part of rating plan.
JUDGMENT	Title 24-A, §2303: Making of rates	Rate and loss costs multiplier calculation may reflect judgment of insurer.
LARGE DEDUCTIBLE		Considered part of rating plan.
LOSS COST MULTIPLIERS	Title 24-A - §2304-B. Reference filings Insurance - Bulletin 176	Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss costs multiplier.
LOSS COSTS	Title 24-A - §2304-B. Reference filings Insurance - Bulletin 176	Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss costs multiplier.
MINIMUM PREMIUM RULES		Considered part of rating plan.
MULTI-TIER		Considered part of rating plan.
OTHER – LARGE COMMERCIAL RISKS	Title 24-A, §2412-A: Large commercial contracts	Insurers exempt from filing rate/rule/forms to be issued specifically to large commercial risks; refer to statute for qualifying criteria for risks in this category
OTHER FEES		Considered part of rating plan.
PAYMENT PLANS		Considered part of rating plan.
PREMIUMS		Considered part of rating plan.
PRICING	Title 24-A - §2302-A. Definitions Title 24-A - §2303. Making of rates Title 24-A - §2304-A. Rate filings Title 24-A - §2304-B. Reference filings Insurance - Bulletin 176	All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and file loss costs multiplier.
PROFIT LOADING	Title 24-A, §2303: Making of rates	Rate and loss costs multiplier calculation may reflect profit loading and must include consideration for investment income.
RATE/LOSS COST SUPPORTING INFORMATION	Title 24-A - §2302-A. Definitions Title 24-A - §2303. Making of rates Title 24-A - §2304-A. Rate filings Title 24-A - §2304-B. Reference filings Insurance - Bulletin 176	All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.
RATING PLAN REQUIREMENTS	Title 24-A - §2304-A. Rate filings Insurance - Bulletin 176	All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.
RETROSPECTIVE RATING		Considered part of rating plan.
RETURN ON EQUITY/INVESTMENT INCOME	Title 24-A - §2303. Making of rates Title 24-A - §2304-A. Rate filings	Profit must give consideration to investment income Manual rates, minimum premiums, class rates, rating schedules or rating plans, every other rating rule, and every modification to the foregoing should be filed and supported
RISK CLASSIFICATION	Title 24-A - §2303: Making of rates	Permitted
SCHEDULE RATING		Considered part of rating plan.
SERVICE CHARGES		Considered part of rating plan.
SMALL DEDUCTIBLE		Considered part of rating plan.
SUPPORTING DATA	Title 24-A - §2302-A. Definitions Title 24-A - §2303. Making of rates Title 24-A - §2304-A. Rate filings Title 24-A - §2304-B. Reference filings Insurance - Bulletin 176	All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.
SURCHARGES		Considered part of rating plan.
TRENDING	Title 24-A - §2303. Making of rates Title 24-A - §2304-A. Rate filings	All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.

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