| REVIEW REQUIREMENTS |
REFERENCE |
DESCRIPTION OF REVIEW
STANDARDS REQUIREMENTS |
LOCATION OF
STANDARD IN FILING |
GENERAL REQUIREMENTS
FOR ALL FILINGS |
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| ELECTRONIC FILINGS |
Insurance Bulletin 360
Title
24-A §2304-A. Rate filings
Title
24-A §2412. Filings, approval of forms |
Bureau of Insurance 360 Electronic Submission of Rate and Form Filing |
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| COVER LETTER |
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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 |
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| EFFECTIVE DATE WORDING |
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Include proposed effective date on SERFF General Information. Policies effective at 12:01 AM Standard Time. |
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| FILING SUBMISSION |
Title
24-A - §2412. Filings, approval of forms
Title
24-A - §2304-A. Rate filings |
Form filing requirements.
Rate/rule filing requirements. |
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| LIMITATIONS / RESTRICTIONS ON TRANSACTING BUSINESS |
Title
24-A - §404. Certificate of authority required; enforcement; penalty |
Must have certificate of authority to transact business |
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| LINE OF AUTHORITY |
Credit |
Must have requisite certificate of authority to transact
business before submitting rate/rule or form filing. |
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| 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 |
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| 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. |
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FORMS--POLICY
PROVISIONS |
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| ACCESS TO COURTS |
Title
24-A - §2433. Jurisdiction of courts, limitation of actions |
Maine Courts have jurisdiction |
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| ACTION AGAINST COMPANY |
Title
24-A - §2433. Jurisdiction of courts, limitation of actions |
Insured must be given 2 years from date of loss to bring suit against insurer. |
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| 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. |
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| APPLICATIONS |
Title
24-A - §2411. Representations in applications |
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...). |
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| ARBITRATION |
Title 24-A - §2433.
Jurisdiction of courts, limitation of actions |
Binding arbitration is not permitted. |
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| BLANK ENDORSEMENTS |
Title
24-A - §2412. Filing, approval of forms
Title 24-A - §2308. Excess rates |
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). |
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| CALCULATION OF UNEARNED/RETURN PREMIUM |
|
Considered part of rating plan. |
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| CANCELLATION & NON-RENEWAL |
Title
24-A § 2908 Cancellation and nonrenewal |
The insurance contract must contain statutory grounds for cancellation and nonrenewal, the number of days notice and the number of days mail time required to deem conclusive proof of receipt. |
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| CONTENT OF POLICIES |
Title
24-A - §2901. Contracts subject to general provisions
Title
24-A - Chapter 39, CASUALTY INSURANCE CONTRACTS
Title
24-A - Chapter 27, THE INSURANCE CONTRACT
Title 24-A - MAINE INSURANCE CODE |
Contracts subject to general provisions of casualty
chapter 39 and general provisions of Chapter 27. |
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| CREDIT SCORING |
Title 24-A - §2169-B. Use of consumer reports in insurance underwriting
Insurance - Bulletin 329 |
Insurance Bulletin 329 and statute contain provisions relating to the use of credit information and credit insurance scores. |
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| 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 association with savings and expenses. |
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| FICTITIOUS GROUPS |
Title
24-A - §2172. Fictitious groups prohibited |
Prohibited. |
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| 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. |
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| GROUP POLICIES |
Title
24-A - §2951. Group property and casualty insurance |
ONLY Credit Involuntary Unemployment insurance issued to a debtor group in compliance with chapter 37 is eligible for group property and casualty insurance. |
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| Minimum Retained Premium |
|
Considered part of rating plan. |
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| NOTICE OF CANCELLATION |
Title 24-A §2908 Cancellation and nonrenewal |
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| NOTICE OF NON-RENEWAL |
Title 24-A §2908 Cancellation and Nonrenewal |
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| PAYMENT OF LOSS TIME PERIOD |
Title
24-A - §2436 Interest on overdue payments |
Payment within 30 days and interest on overdue payments of 1.5% per month. |
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| PERMISSIBLE REASONS FOR CANCELLATION |
Title 24-A §2908 Cancellation and Nonrenewal |
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| PERMISSIBLE REASONS FOR NON-RENEWAL |
Title 24-A §2908 Cancellation and Nonrenewal |
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|
| PRIOR APPROVAL |
Title 24-A - §2412. Filing, approval of forms |
Statute contains a deemer provision. |
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| PRIVACY NOTICE |
Title 24-A - §2206. Notice of insurance information practices |
See Title 24-A, Ch.24 generally for insurance information and privacy protection. |
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| 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. |
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| RETURN PREMIUM |
|
Considered part of rating plan. |
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| 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. |
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| TERRORISM |
Insurance - Bulletin 348 |
Not an eligible line. |
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| VOIDANCE |
Title
24-A - §2411. Representations in applications |
Do not allow insurers to 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). |
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| WARRANTIES |
Title
24-A - §2411. Representations in applications |
Statements in applications must be considered representations not warranties. |
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| RATE, RULE, RATING PLAN, CLASSIFICATION,
AND TERRITORY FILING REQUIREMENTS |
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|
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| 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. |
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| BILLING FEES (INSTALLMENTS, LATE, NSF & REINSTATEMENT) |
Title 24-A - §2304-A. Rate filings |
Considered part of rating plan. |
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| CHARGES |
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Considered part of rating plan. |
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| COMPETITION |
Title 24-A - §2306. Disapproval of filing |
May support filing by citing specific competitors filing. |
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| CONSENT-TO-RATE |
Title 24-A - §2308. Excess rates |
Permitted if rating manual filing previously filed does not contemplate the specific risk being assumed. |
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| CREDIBILITY |
Title 24-A - §2303. Making of rates
Title
24-A - §2304-A. Rate filings |
Credibility standards must be supported. |
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| CREDIBILITY |
Title
24-A - §2303. Making of rates |
Rate and loss costs multiplier calculation should reflect credibility of insurer. |
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| CREDIT SCORING AND REPORTS |
Title 24-A - §2169-B. Use of consumer reports in insurance underwriting
Insurance - Bulletin 329 |
Insurance Bulletin 329 and statute contain provisions relating to the use of credit information and credit insurance scores. |
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| DISCOUNTS |
Title 24-A - §2304-A. Rate filings |
Credits must be supported. |
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| EXPENSE MODIFICATION PLAN |
|
Considered part of rating plan. |
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| EXPENSES |
Title 24-A - §2303. Making of rates |
Rate and loss costs multiplier calculation should reflect expenses of insurer. |
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| EXPERIENCE |
Title 24-A - §2303. Making of rates |
Rate and loss costs multiplier calculation should reflect experience of insurer. |
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| EXPERIENCE RATING |
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Considered part of rating plan. |
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| GROUP POLICIES |
Title
24-A - §2951. Group property and casualty insurance |
ONLY Credit Involuntary Unemployment insurance issued to a debtor group in compliance with chapter 37 is eligible for group property and casualty insurance. |
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| JUDGMENT |
Title 24-A - §2303. Making of rates |
Rate and loss costs multiplier calculation should reflect judgment of insurer. |
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| LARGE DEDUCTIBLE |
|
Considered part of rating plan. |
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| 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. |
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| MINIMUM PREMIUM RULES |
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Considered part of rating plan. |
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| MULTI-TIER |
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Considered part of rating plan. |
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| OTHER FEES |
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Considered part of rating plan. |
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| PAYMENT PLANS |
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Considered part of rating plan. |
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| PREMIUMS |
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Considered part of rating plan. |
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| 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. |
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| PROFIT LOADING |
Title 24-A - §2303. Making of rates |
Rate and loss costs multiplier calculation may reflect profit loading and must give consideration for investment income. |
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| RATE RANGES |
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Considered part of rating plan. |
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| 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 file 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 file
loss costs multiplier. |
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| RETROSPECTIVE RATING |
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Considered part of rating plan. |
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| 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. |
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| SCHEDULE RATING |
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Considered part of rating plan. |
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| SERVICE CHARGES |
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Considered part of rating plan. |
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| SMALL DEDUCITBLE |
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Considered part of rating plan. |
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| 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 file
loss costs multiplier. |
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| SURCHARGES |
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Considered part of rating plan. |
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