| REVIEW REQUIREMENTS |
REFERENCE |
DESCRIPTION OF REVIEW
STANDARDS REQUIREMENTS |
LOCATION OF
STANDARD IN FILING |
GENERAL REQUIREMENTS
FOR ALL FILINGS |
|
|
|
| ELECTRONIC FILINGS |
Insurance Bulletin 360
Title 24-A - §2304-A. Rate filings |
|
|
| 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. |
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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. |
|
| FILING SUBMISSION |
24-A §3101. Contracts subject to general provisions
Title
24-A - §2412. Filing, approval of forms
Title
24-A - §2304-A. Rate filings |
Sureties forms although exempt from filing requirements but are subject to provisions of Chapter 27 & other applicable provisions of Title 24-A (The Maine Insurance Code).
Surety forms are exempt from filing requirements.
Rate/Rule 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 |
Surety |
Must have requisite certificate of authority to transact
business before submitting rate/rule/form filings. |
|
| THIRD PARTY FILERS AUTHORITY |
Title
24-A - §2304-A. Rate filings |
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 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 the insurer. |
|
| AMBIGUOUS & MISLEADING |
Title
24-A - §2413. Grouns for disapproval |
Surety forms are exempt from filing requirements. |
|
| APPLICATIONS |
Title
24-A - §2411. Representations in applications |
Surety forms are exempt from filing requirements;
all statements are considered representations not warranties; Statutory
(or substantially similar) wording must be included on all applications
and claim forms. |
|
| ARBITRATION |
Title 24-A - §2433. Jurisdiction of courts, limitation of actions |
Binding arbitration is not permitted. |
|
| CONTENT OF POLICIES |
Title
24-A - §3101. Contracts subject to general provisions
Title
24-A - Chapter 27, THE INSURANCE CONTRACT
Title
24-A - MAINE INSURANCE CODE |
Surety forms although exempt from filing requirements
are subject to provisions of Chapter 27 & other applicable
provisions of Title 24-A (The 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 |
Surety forms are exempt from filing requirements;
Restrictions of policy provisions relating to benefits not associated
with loss and reduction in premium associated with savings and expenses. |
|
| FICTITIOUS GROUPS |
Title
24-A - §2172. Fictitious groups prohibited |
Fictitious groups prohibited. |
|
| FRAUD WARNING |
Title
24-A - §2186. Insurance fraud prevention |
Surety forms are exempt from filing requirements. However, statutory (or substantially similar) wording must be included on all applications and claim forms. |
|
| GROUP POLICIES |
Title 24-A - §2951. Group property and casualty insurance |
Surety is not eligible under the property and casualty law. |
|
| 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. |
|
| 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. |
|
| 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 |
Surety forms are exempt from filing requirements;
all statements are considered representations not warranties; Statutory
(or substantially similar) wording must be included on all applications
and claim forms. |
|
| 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 costs multiplier. |
|
| BILLING FEES (INSTALLMENTS, LATE, NSF & REINSTATEMENT) |
Title
24-A - §2304-A. Reference filings |
Considered part of rating plan. |
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| 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 |
Consent to rate and form requirements for individual risk filings. |
|
| CREDIBILITY AND OTHER FACTORS |
Title
24-A - §2303. Rate filings
Title 24-A - §2304-A. Rate filings |
Surcharges and credits 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 |
Surcharges and 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 |
Surety is not an eligible under the property and casualty law. |
|
| 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. |
|
| 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. |
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| MULTI-TIER |
|
Considered part of rating plan. |
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| OTHER FEES |
|
Considered part of rating plan. |
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| 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. |
|
| PRIOR APPROVAL |
Title 24-A - §2304-A. Rate filings |
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. |
|
| 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 - §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 filing 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 filing loss costs multiplier. |
|
| RETROSPECTIVE RATING |
|
Considered part of rating plan. |
|
| RETURN ON EQUITY/INVESTMENT INCOME |
Title 24-A - §2304-A. Rate filings
Title 24-A - §2303. Making of rates |
Profit must give consideration to investment income.
Manual rates, minimum premiums, class rates, rating schedules or rating plans, ever other rating rule, and every modification to the foregoing should be filed and supported. |
|
| RISK CLASSIFICATION |
Title 24-A - §2303. Making of rates |
Permitted. |
|
| SCHEDULE RATING |
|
Considered part of rating plan and a maximum aggregate credit/debit of 40% is permitted. |
|
| 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 filings and filing
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 filings and filing
loss costs multiplier. |
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