Boiler and Machinery

LINE OF BUSINESS:	Boiler & Machinery	LINE(S) OF INSURANCE	CODES
		Boiler and Machinery	27.0000

Code:	27.0000


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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	360 Electronic Submission of Rate and Form Filing
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.
HIGHLY PROTECTED RISKS		Not exempt from 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	Boiler Machinery	Must have requisite certificate of authority to transact business before submitting rate/rule/form filings
NO FILE OR FILING EXEMPTIONS	Title 24-A §2412. Filings, approval of forms Title 24-A §2304-A. Rate filings 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
FORMS--POLICY PROVISIONS
ACCESS TO COURTS	Title 24-A - §2433. Jurisdiction of courts, limitation of actions	Maine Courts have jurisdiction
ACTION AGAINST COMPANY	Title 24-A - §2433. Jurisdiction of courts, limitation of actions	Maine Courts have jurisdiction
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	All statements are considered representations not warranties. Must file applications only if to be made part of the policy. The Maine Fraud Warning must appear permanently affixed on all applications (i.e. new business, renewal, supplemental, etc...)
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).
CANCELLATION & NON-RENEWAL	Title 24-A - §2908. 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 - §2901. Contracts subject to general provisions Title 24-A - Chapter 39, CASUALTY INSURANCE CONTRACTS Title 24-A - Chapter 27, THE INSURANCE CONTRACT	Contracts subject to general provisions of casualty chapter 39 and general provisions of chapter 27 Maine amendatory endorsement must contain cancellation / nonrenewal wording consistent with statute.
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.
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
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	Group policies for Commercial Boiler & Machinery NOT among the products permitted
NOTICE OF NON-RENEWAL	Title 24-A - §2908. Cancellation and nonrenewal	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 OF CANCELLATION	Title 24-A - §2908. Cancellation and nonrenewal 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
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
PERMISSIBLE REASONS FOR CANCELLATION	Title 24-A - §2908. Cancellation and nonrenewal	See statute for permissible grounds
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
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
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	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 2303 Making of rates Title 24-A 2304-A Rate filings Title 24-A §2321-D. Advisory organizations; permitted activity Title 24-A §2321-E. Filing of prospective loss costs and supplemental information Insurance - Bulletin 176	Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss costs multiplier.
BILLING FEES (INSTALLMENTS, LATE, NSF & REINSTATEMENT)	Title 24-A - §2304-A. Rate	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 competitors 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	Title 24-A - §2303. Making of rates	Rate and loss costs multiplier calculation should reflect credibility
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	Insurance Bulletin 329 and statute contain provisions relating to the use of credit information and credit insurance scores.
DISCOUNTS	Title 24-A - §2303. Making of rates 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 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	Group policies for Commercial Boiler & Machinery NOT among the products permitted
INDIVIDUAL RISK RATING	Title 24-A - §2303. Making of rates Title 24-A - §2304-A. Rate filings Title 24-A §2412-A. Large commercial contracts	An account must meet specified criteria to be permitted to set their own rates.
IRPM		Considered part of rating plan
JUDGMENT	Title 24-A - §2303. Making of rates	Rate and loss costs multiplier calculation may reflect judgment
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 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 filing 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 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 filings and file loss costs multiplier
RATING PLAN REQUIREMENTS	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.
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 DEDUCITBLE		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 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 Insurance - Bulletin 176	All aspects of pricing must be filed and supported by experience and/or may adopt advisory organization reference filing and file loss costs multiplier

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