REVIEW REQUIREMENTS |
REFERENCE |
DESCRIPTION OF REVIEW
STANDARDS REQUIREMENTS |
LOCATION OF STANDARD IN FILING |
GENERAL REQUIREMENTS FOR ALL FILINGS |
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ELECTRONIC FILINGS |
Insurance Bulletin 360
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 |
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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 |
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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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FILING EXEMPTIONS |
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 |
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LINE OF AUTHORITY |
Fidelity |
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 - §2304-A. Rate filings
Title 24-A - §2412. Filing, approval of forms |
Must include authorization to communicate directly with third party filers
Rate Filing Requirements
Rate/Rule/Form Filing Procedures |
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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 must 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 insurer. |
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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 |
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APPLICATIONS |
Title 24-A §2411
Representations in applications
Title 24-A § 2412 Filings, approval of forms |
Must file applications only if to be made part of the policy
All statements are considered representations not warranties. The Maine Fraud Warning must appear permanently affixed on all application (i.e. new business, renewal, supplemental, etc…). |
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ARBITRATION |
Title 24-A § 2433. Jurisdiction of courts, limitation of actions |
Arbitration must take place in the Maine County in which the policy was issued for delivery. |
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BLANK ENDORSEMENTS |
Title 24-A - §2412. Filing, approval of forms |
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). |
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CONTENT OF POLICIES |
Title 24-A - Chapter 27, THE INSURANCE CONTRACT
Title 24-A - MAINE INSURANCE CODE |
Fidelity contracts are subject to provisions of Chapters 27 and to other applicable general provisions of Title 24-A (The Maine Insurance Code). |
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CREDIT SCORING NOTICE |
Title 24-A - §2169-B. Use of consumer reports in insurance underwriting
Insurance - Bulletin 329 |
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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 (i.e. new business, renewal, supplemental, etc…) and claim forms. |
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GROUP POLICIES |
Title 24-A §2951. Group property and casualty insurance |
Fidelity coverage is not eligible under the property and casualty law. |
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NOTICE REQUIREMENTS |
Title 24-A § 2908. Cancellation and nonrenewal |
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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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PERMISSIBLE REASONS FOR CANCELLATION |
Title 24-A § 2908. Cancellation and nonrenewal |
See statute for permissible grounds. |
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PERMISSIBLE REASONS FOR NON-RENEWAL |
Title 24-A § 2908. Cancellation and nonrenewal |
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POST-JUDGMENT INTEREST |
Title14 §1602-C. Interest after judgment
Insurance – Bulletin 353 |
Maine statutory law provides for the payment of post-judgment interest and case law has held that an insurer must pay post-judgment interest as a supplemental payment without regard to the policy terms (i.e. policy limit, sub-limits, exclusions, deductibles, retentions, etc…). |
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PRIOR APPROVAL |
Title 24-A § 2304-A Rate filings
Title 24-A § 2412 Filings, approval of forms |
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. |
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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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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. |
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SUIT |
Title 24-A - §2433. Jurisdiction of courts, limitation of actions |
Maine courts must have jurisdiction.
Insured must be given two years to bring suit against insurer. |
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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). |
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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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