| REVIEW REQUIREMENTS |
REFERENCE |
DESCRIPTION OF REVIEW
STANDARDS REQUIREMENTS |
LOCATION OF
STANDARD IN FILING |
GENERAL REQUIREMENTS
FOR ALL FILINGS |
|
|
|
| COPIES, RETURN ENVELOPES, ETC |
Insurance - Bulletin 238 |
Bureau of Insurance Bulletin 238 Rate/Rule/Form Filing
Procedures |
|
| COVER LETTER |
Transmittal
Documents |
Information generally included in a cover letter
must be incorporated into the NAIC Uniform Filing Transmittal Form
included with the filing |
|
| EFFECTIVE DATE WORDING |
Transmittal
Documents |
Include proposed effective date on NAIC Uniform
Transmittal Form included with the filing |
|
| FILING SUBMISSION |
Title
24-A - §2412.
Title
24-A - §2304-A. |
Form Filing Requirements
Rate Filing Requirements
|
|
| FREE CONTRACT PROHIBITED |
N/A |
N/A |
|
| LIMITATIONS/RESTRICTIONS ON TRANSACTING
BUSINESS |
Title
24-A §404. Certificate of authority required; Enforcement; penalty |
Must have certificate of authority to transact business |
|
| NO FILE OR FILING EXEMPTIONS |
N/A |
N/A |
|
| NAIC # |
Transmittal
Documents |
Include on NAIC Uniform Filing Transmittal Form and
include with filing |
|
| LINE OF AUTHORITY |
Title
24-A §706. "Bonds" defined |
Definitions of Fidelity insurance |
|
| THIRD PARTY FILERS AUTHORITY |
Title
24-A - §2412.
Title
24-A - §2304-A. |
Must include authorization to communicate directly
with third party filers
Rate Filing Requirements
|
|
| TRANSACTING OTHER BUSINESS |
N/A |
N/A |
|
FORMS: POLICY
PROVISIONS |
|
|
|
| ACCESS TO COURTS |
Title
24-A - §2433. Jurisdiction of courts, limitation of actions |
Maine Courts have jurisdiction |
|
| AMBIGUOUS & MISLEADING |
Title
24-A §2413. Grounds for disapproval |
Grounds for disapproval |
|
| APPLICATIONS |
Title
24-A - §2411. Representations in applications |
All statements are considered representations not warranties.
Must file applications only if to be made part of the policy. |
|
| APPRAISALS |
N/A |
N/A |
|
| ARBITRATION |
N/A |
N/A |
|
| BLANK ENDORSEMENTS |
N/A |
N/A |
|
| CERTIFICATIONS |
N/A |
N/A |
|
| CONSUMER INFORMATION |
N/A |
N/A |
|
| CREDIT SCORING NOTICE |
N/A |
N/A |
|
| Privacy notice |
Title
24-A - §2206. Notice of insurance information practices |
See Title 24 Ch. 24 generally for insurance information
and privacy protection. |
|
| VSI Warning |
N/A |
N/A |
|
| Notification Form |
N/A |
N/A |
|
| CONTENT OF POLICIES |
N/A |
N/A |
|
| COUNTERSIGNATURES |
N/A |
N/A |
|
| DECLARATIONS PAGE |
N/A |
N/A |
|
| DISCLOSURES |
N/A |
N/A |
|
| DEFINITIONS |
N/A |
N/A |
|
| DISCRIMINATION |
N/A |
N/A |
|
| EXCLUSIONS & LIMITATIONS |
N/A |
N/A |
|
| Terrorism |
Insurance Bulletin 348 |
Terrorism Risk Insurance Program Reauthorization Act of 2007 |
|
| FICTITIOUS GROUPS |
Title
§2172. Fictitious groups prohibited |
Prohibited |
|
| FORMS MISCELLANEOUS |
N/A |
N/A |
|
| FRAUD WARNING |
Title
24-A §2186 Insurance fraud prevention |
Statutory (or substantially similar) wording must be
included on all applications and claim forms. |
|
| LIMITS |
N/A |
N/A |
|
| LOSS PAYEE |
N/A |
N/A |
|
| LOSS SETTLEMENTS |
N/A |
N/A |
|
| Appraisal |
N/A |
N/A |
|
| 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 |
|
| Arbitration |
N/A |
N/A |
|
| Deductibles |
N/A |
N/A |
|
| Defense Costs |
N/A |
N/A |
|
| Loss Valuation |
N/A |
N/A |
|
| Notice Requirements |
N/A |
N/A |
|
| Payment of Loss Time Period |
N/A |
N/A |
|
| Appraisal |
N/A |
N/A |
|
| MEDICAL PAYMENTS |
N/A |
N/A |
|
| POLICY MUST CONTAIN ENTIRE CONTRACT |
N/A |
N/A |
|
| PREMIUM AUDIT |
N/A |
N/A |
|
| PUNITIVE DAMAGES |
N/A |
N/A |
|
| READABILITY |
N/A |
N/A |
|
| REBATES |
Title
24-A - §2163 Receipt of rebate, illegal inducement prohibited
Insurance Bulletin 233 |
Sales inducements rebates prohibited unless contained
in policy |
|
| SUBROGATION |
N/A |
N/A |
|
| Suit |
N/A |
N/A |
|
| 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). |
|
| WARRANTIES |
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. |
|
| OTHER |
N/A |
N/A |
|
| RATE, RULE, RATING PLAN, CLASSIFICATION,
AND TERRITORY FILING REQUIREMENTS |
|
|
|
| INDIVIDUAL RISK RATING |
N/A |
N/A |
|
| ACTUARIAL CERTIFICATIONS FOR RATES |
N/A |
N/A |
|
| 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 |
|
| 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 |
|
| CONSENT-TO-RATE |
Title
24-A §2308 |
Permitted if rating manual filing previously filed
does not contemplate the specific risk being assumed |
|
| CREDIT SCORING AND REPORTS |
N/A |
N/A |
|
| CREDIBILITY AND OTHER FACTORS |
Title
24-A - §2303. Rate filings |
Credibility standards must be supported |
|
| DISCOUNTS |
Title
24-A - §2304-A. Rate filings |
Credits must be filed and supported |
|
| EXPIRATION DATE(S) FOR APPROVED RATES |
N/A |
N/A |
|
| GROUP POLICIES |
N/A |
N/A |
|
| Extra-Territorial Approval Authority |
N/A |
N/A |
|
| LOSS RATIO STANDARDS |
N/A |
N/A |
|
| MID TERM CHANGES |
N/A |
N/A |
|
| 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 |
|
| PREMIUM REFUND OR RETENTION |
N/A |
N/A |
|
| 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 |
|
| Minimum Premium Rules |
|
Considered part of rating plan. |
|
| Multi-tier |
|
Considered part of rating plan. |
|
| Payment Plans |
|
Considered part of rating plan. |
|
| Premiums |
|
Considered part of rating plan. |
|
| Service Charges |
|
Considered part of rating plan. |
|
| Surcharges |
|
Considered part of rating plan. |
|
| Other Fees |
|
Considered part of rating plan. |
|
| RATE RANGES |
N/A |
N/A |
|
| 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 |
|
| Expense Modification Plan |
|
Considered part of rating plan. |
|
| Experience Rating |
|
Considered part of rating plan. |
|
| Large Deductible |
|
Considered part of rating plan. |
|
| Retrospective Rating |
|
Considered part of rating plan. |
|
| Schedule Rating |
|
Considered part of rating plan. |
|
| Small Deductible |
|
Considered part of rating plan. |
|
| Wrap-up Rating |
|
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 |
|
| Competition |
Title
24-A §2306 Disapproval of filing |
May support filing by citing specific competitor filing |
|
| 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 |
|
| Judgment |
Title
24-A - §2303. Making of rates |
Rate or loss costs multiplier calculation should reflect
judgment of insurer |
|
| 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 income |
|
| RETURN ON DOCUMENT/INVESTMENT INCOME |
Title
24-A - §2303. Making of rates
Title
24-A - §2304-A. Rate filings |
Profit must give consideration to investment income |
|
| RISK CLASSIFICATION |
Title
24-A §2303. Making of rates
|
Risks may be grouped by classification for establishment
of rates and minimum premiums |
|
| 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. |
|
| OTHER |
N/A |
N/A |
|
