BENEFIT/PROVISION REQUIREMENT

REFERENCE

DESCRIPTION OF REVIEW STANDARDS REQUIREMENT

IDENTIFY LOCATION OF STANDARD IN FILING OR EXPLAIN IF REQUIREMENT IS INAPPLICABLE

Continuity of coverage

24-A M.R.S.A.
§2849

§2849-B(7)

Must certify in the cover letter and/or filing description that the underlying plan will comply with Maine’s continuity law.  

Disclosure authorization requirements

24-A M.R.S.A
§2208

§2215

Must certify in the cover letter and/or filing description that the underlying plan will comply with the disclosure and authorization requirements.

Minimum attachment point/aggregate retention

24-A M.R.S.A.  §707(1)(C-1)

Must have a minimum attachment point of $20,000 individual and 120% of expected aggregate.

Rates

24-A M.R.S.A.
§2304-A

Rates must be filed for with all Excess/Stop Loss Policy form filings.

If this is a change to a previously approved filing and rates are not attached because the change does not impact rates currently on file, please provide the SERFF tracking number for the previously approved filing.

Tail Coverage/Disclosure Notice

24-A M.R.S.A.  §2452(2)

§2413(1)(B)

§707(1)(C-1)

An extended reporting period “tail coverage” of at least 6 months must be offered on all excess policies at the time of purchase.
If an employer requests coverage that does not include tail coverage the carrier may provide such coverage, but the carrier must provide the employer with a disclosure notice approved by the Bureau, clearly advising that the policy is issued without tail-coverage and disclose any associated risk for declining coverage.