Farmowners

LINE OF BUSINESS:	Farmowners	LINE(S) OF INSURANCE	CODES
		FARMOWNERS	3.0000

Code:	3.0000


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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 Filings, 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 WORDING		Include proposed effective date on SERFF General Information. Policies effective at 12:01 AM Standard Time.
FILING SUBMISSION	Title 24-A - §2412. Title 24-A - §2304-A.	Form Filing Requirements. Rate Filing Requirements.
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	Farmowners Multiple Peril	Must have requisite certificate of authority to transact business before submitting rate/rule/form filing.
THIRD PARTY FILERS AUTHORITY	Title 24-A - §2412. Title 24-A - §2304-A.	Must include authorization to communicate directly with third party filers.
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 2 years from date of loss to bring suit against insurer.
ACTUAL CASH VALUE	Title 24-A § 3004-A Actual Cash Value	ACV means the replacement cost of an insured item of property at the time of loss, less the value of physical depreciation as to the item damaged. "Physical depreciation" means a value as determined according to standard business practices.
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	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 proof of loss and appraisal provision.
ARBITRATION	Title 24-A - §2433. Jurisdiction of courts, limitation of actions	Binding arbitration is not permitted.
BLANK ENDORSEMENTS		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).
CALCULATION OF UNEARNED/RETURN PREMIUM		Considered part of rating plan.
CANCELLATION & NON-RENEWAL	Title 24-A §3007 Cancellation and non-renewal	Maine amendatory endorsement must include statutory grounds for mid-term cancellation.
CONTENT OF POLICIES	Title 24-A - §3001. Contracts subject to general provisions Title 24-A §3002 Standard fire policy required; exceptions Title 24-A - Chapter 27, THE INSURANCE CONTRACT Title 24-A - Chapter 41, PROPERTY INSURANCE CONTRACTS	Contracts subject to Chapter 27, Chapter 41 and to general provisions of Maine Insurance Code.
CREDIT SCORING NOTICE	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 related to benefits not associated with loss and reductions in premium association with savings and expenses.
EXCLUSIONS & LIMITATIONS	Title 24-A §3002 Standard fire policy required; exceptions
FICTITIOUS GROUPS	Title 24-A §2172. Fictitious groups prohibited	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	A group policy for Farmowners is not eligible under the property and casualty group law.
LEAD	Title 24-A §2413 Grounds for disapproval Title 22 - Chapter 252, LEAD POISONING CONTROL ACT	Prohibited — deceptively affects coverage purported to be assumed. Permit exclusion beginning ≥ 31 days after State of Maine Department of Health and Human Services or a DHHS licensed lead inspector has given insured notice of environmental lead hazard & insured failed to remove the lead hazard.
LOSS PAYEE	Title 24-A §3002 Standard fire policy required; exceptions	Mortgage clause must be consistent with Standard Fire Policy.
LOSS SETTLEMENTS	Title 24-A §3002 Standard fire policy required; exceptions	Must be consistent with Standard Fire Policy.
LOSS VALUATION	Title 24-A §3002 Standard fire policy required; exceptions Title 24-A - §3004-A. Actual cash value	Refer to Standard Fire Policy for proof of loss and appraisal provision. Statutory definition of ACV.
MED PAY SUBROGATION	Title 24-A § 2910-A Subrogation; medical payments coverage	Insured’s awarded or settled damages must exceed $ 20,000.
MOLD		Permitted with a sub-limit.
MORTGAGEE/LIENHOLDER	Title 24-A §3002 Standard fire policy required; exceptions	Refer to Standard Fire Policy for proof of loss and appraisal provision
NOTICE OF CANCELLATION	Title 24-A §3007 Cancellation and non-renewal	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 — refer to subsection 6 of statute.
NOTICE OF NON-RENEWAL	Title 24-A §3007 Cancellation and non-renewal	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.
NOTICE REQUIREMENTS	Title 24-A §3007 Cancellation and non-renewal
PAYMENT OF LOSS TIME PERIOD	Title 24-A §2436. Interest on overdue payments Title 24-A §3002 Standard fire policy required; exceptions	Payment within thirty days and interest on overdue payments of 1.5% per month. Refer to Standard Fire Policy for proof of loss provision.
PERMISSABLE REASONS FOR CANCELLATION	Title 24-A §3007 Cancellation and non-renewal	See statute for permissible grounds.
PERMISSABLE REASONS FOR RENEAWAL	Title 24-A §3007 Cancellation and non-renewal	See statute for permissible grounds.
PRIOR APPROVAL	Title 24-A § 2304-A. Rate Filings Title 24-A §2412. Filing, approval of forms	Filings are to be made no less than 30 days in advance of their stated effective/delivery date. Filings made electronically shall be acted upon within 30 days unless the filer requests an extension. Filings not acted upon pursuant to these statutes may be deemed after 30 days.
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-A. Permitted activities Insurance Bulletin 233	Refer to Statutes and Bulletin for specific information.
STANDARD FIRE POLICY	Title 24-A §3002 Standard fire policy required; exceptions Title 24-A §3003. Combination coverages	Provisions of Standard Fire Policy may be incorporated in all property contracts or by endorsement using a Maine Standard Fire Policy form.
SUBROGATION	Title 24-A §3002 Standard fire policy required; exceptions Title 24-A § 2910-A Subrogation; medical payments coverage	Permitted by Standard fire policy. Policy may not provide for subrogation or priority over the insured of payment for any hospital, nursing, medical or surgical services or of any expenses paid or reimbursed under the medical payments coverage in the policy in the event the insured is entitled to receive payment or reimbursement from any other person as a result of legal action or claim, except as provided in this section. The coverage may contain a provision that allows the payments if : A. The provision provides for subrogation or priority over the insured when an insured's awarded or settled damages exceed $20,000; B. The provision requires the written approval of the insured; C. The provision provides that the insurer’s subrogation right is subject to subtraction to account for the pro rata share of the insured's attorney's fees incurred in obtaining the recovery from another source; and D. The provision is approved by the superintendent.
SUIT	Title 24-A §3002 Standard fire policy required; exceptions Title 24-A §2433. Jurisdiction of courts, limitation of actions	Permitted by Standard fire policy. Insured must be given 2 years from date of loss to bring suit against insurer.
TERRORISM	Insurance Bulletin 348
VICARIOUS LIABILITY	Title 14 §304 Liability of parents or legal guardians for damage by children	Parents/legal guardians liable for action of minor children up to $800.
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 in applications must be considered 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 cost multiplier.
BILLING 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.
CHARGES		Considered part of rating plan.
COMPETITION	Title 24-A - §2306 Disapproval of filing	May support filing by citing specific competitor filing.
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 AND OTHER FACTORS	Title 24-A - §2303. Making of rates Title 24-A §2304-A. Rate filings	Credibility standards must be supported.
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 supported.
EXPENSE MODIFICATION PLAN		Considered part of rating plan.
EXPENSES	Title 24-A - §2303. Making of rates	Rate or loss costs multiplier calculation should reflect expenses of insurer.
EXPERIENCE	Title 24-A §2303. Making of rates	Rate or loss cost 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	A group policy for Farmowners is not eligible under the property and casualty group law.
IRPM		Considered part of rating plan.
JUDGMENT	Title 24-A §2303. Making of rates	Rate or loss costs multiplier calculation should reflect expenses 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 cost 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 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 filing and file loss costs multiplier.
PROFIT LOADING	Title 24-A §2303 Making of rates	Rate or loss cost multiplier calculation may reflect profit loading and must include consideration for investment.
RATE RANGES		Considered part of rating plan.
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 filing and file loss costs multiplier.
RATING PLAN REQUIREMENTS	Title 24-A - §2304-A. Rate filings	All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filing and file 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.
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 Insurance - Bulletin 176	All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filing and file 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 filing and file loss costs multiplier.

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