| REVIEW REQUIREMENTS |
REFERENCE |
DESCRIPTION OF REVIEW
STANDARDS REQUIREMENTS |
LOCATION OF
STANDARD IN FILING |
GENERAL REQUIREMENTS
FOR ALL FILINGS |
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| ELECTRONIC FILINGS |
Title 24-A § 2304-A Rate Filings
Title 24-A § 2412 Filings, Approval of Forms |
Maine requires that all rate and form filings be filed electronically through the NAIC’s System for Electronic Rate and Form Filings (SERFF). See also Bureau of Insurance Bulletin 360 Electronic Submissions of Rate and Form Filings. |
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| COVER LETTER AND EXPLANATORY MEMORANDUM |
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Cover letters may be attached to the Supporting Documentation Tab or the text may be entered under the Filing Description located under the General Information Tab in SERFF. |
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| EFFECTIVE DATE WORDING |
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Enter New Business and Renewal effective dates under the General Information Tab in SERFF. |
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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 |
Mortgage Guaranty |
Must have requisite certificate of authority to transact
business before submitting rate/rule/form filings |
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| THIRD PARTY FILERS AUTHORITY |
Title
24-A §2412. Filing, approval of forms.
Title 24-A §2304-A.
Rate filings.
Insurance - Bulletin 238 |
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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| AMBIGUOUS & MISLEADING |
Title
24-A §2413. Grounds for disapproval |
Grounds for disapproval |
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| APPLICATIONS |
Title
24-A §2411. Representations in applications
Title
24-A §2412. Filing, approval of forms |
All statements are considered representations not warranties.
Must file applications only if to be made part of the policy. |
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| ARBITRATION |
Title 24-A §2433. Jurisdiction of courts, limitation of actions |
Binding arbitration is not allowed as no condition, stipulation or agreement shall deprive the courts of this State jurisdiction. |
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| BLANK ENDORSEMENTS |
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Blank endorsements are considered manuscript forms and generally are 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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| 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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| Calculation of Unearned/Return Premium |
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Considered part of rating plan. |
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| Minimum Retained Premium |
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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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| 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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| Return Premium |
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Considered part of rating plan. |
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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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| 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 |
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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 and claim forms. |
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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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| 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. |
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| REBATES |
Title
24-A §2162. Unfair discrimination, rebates prohibited -- property,
casualty, surety insurance
Insurance - Bulletin 233 |
Sales inducements rebates prohibited unless contained in policy |
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| Suit |
Title
24-A - §2433. Jurisdiction of courts, limitation of actions |
Insured must be given two years to bring suit against insurer |
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| FILE & USE |
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. The Superintendent must act upon a filing within 30 days unless the filer requests an extension. Filings not acted upon pursuant to these statutes may be deemed after 30 days. |
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| VOIDANCE |
Title
24-A §2411 Representations in applications |
Do not allow insurers to void coverage for concealment,
material 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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| OTHER |
N/A |
N/A |
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| RATE, RULE, RATING PLAN, CLASSIFICATION,
AND TERRITORY FILING REQUIREMENTS |
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| CREDIBILITY |
Title 24-A §2303.
Making of rates |
Credibility standards must be supported. |
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| DISCOUNTS |
Title
24-A §2304-A. Rate filings |
Credits must be filed and supported |
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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
Title 24-A § 2412-A Large Commercial Contracts
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. |
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| Charges |
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Considered part of rating plan. |
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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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| 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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| Service Charges |
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Considered part of rating plan. |
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| Surcharges |
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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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| RATE RANGES |
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Considered part of rating plan. |
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| 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. |
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| Expense Modification Plan |
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Considered part of rating plan. |
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| Experience Rating |
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Considered part of rating plan. |
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| Large Deductible |
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Considered part of rating plan. |
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| Retrospective Rating |
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Considered part of rating plan. |
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| Schedule Rating |
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Considered part of rating plan. The maximum aggregate debit/credit permitted is 40%. |
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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 filing and file loss
costs multiplier. |
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| Competition |
Title
24-A § 2306 Disapproval of filing |
May support filing by citing specific competitors filing. |
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| Expenses |
Title
24-A §2303 Making of rates |
Rate or loss cost multiplier calculation should reflect expenses of insurer |
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| Experience |
Title
24-A §2303 Making of rates |
Rate or loss cost multiplier calculation should reflect experience of insurer |
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| Judgment |
Title
24-A §2303 Making of rates |
Rate or loss cost multiplier calculation should reflect judgment of insurer |
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| Credibility |
Title
24-A §2303 Making of rates |
Rate or loss cost multiplier calculation should reflect credibility |
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| 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 |
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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 premium, class rate, rating schedule or rating
plan, every other rating rule, and every modification to the foregoing
should be filed and supported. |
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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 |
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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| 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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