H12 - Excess/Stop Loss Policies

All Rate and Form Filings submitted to the Bureau of Insurance for review must be accompanied by the completed appropriate transmittal Document as well as the completed appropriate rate/form review checklist. The checklist must be completed by the company submitting the filing and must reference, for each item on the checklist, the location of each specific item in the filing. The transmittal Document takes the place of the cover letter requirement. Blank transmittal documents are attached here for your use.

REVIEW REQUIREMENTS	REFERENCE	DESCRIPTION OF REVIEW STANDARDS REQUIREMENTS
Continuity of coverage	Bureau position & 24-A M.R.S.A. §2849	Must certify that underlying plan will comply with Maine’s continuity law
Tail Coverage	Bureau position and 24-A MRSA §2452(2), §2413(1)(B) and §707(1)(C-1)	An extended reporting period “tail coverage” of at least 6 months must be offered on all excess policies, during which the employer may make payment to the health care provider or facility on behalf of the employee, and report the loss to the insurer for reimbursement purposes. The extension must be offered at the end of the period of coverage.
Minimum attachment point/aggregate retention	Bureau position and 24-A MRSA § 707(1)(C-1)	Must have a minimum attachment point of $10,000 individual and 120% of expected aggregate.
Disclosure authorization requirements	Bureau position	Must certify that underlying plan will comply with the disclosure and authorization requirements cited in §2208 and §2215
Rates	24-A M.R.S.A. §2304-A	Rates must be filed for all Excess/Stop Loss Policy filings.

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H12 - Excess/Stop Loss Policies

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