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Fidelity

LINE OF BUSINESS: Fidelity LINE(S) OF INSURANCE CODES
    Fidelity 23.0000
       
Code: 23.0000    
       
       
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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

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.

 

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 on SERFF General Information

 

LIMITATIONS/RESTRICTIONS ON TRANSACTING BUSINESS

Title 24-A - §404. Certificate of authority required; enforcement; penalty

Must have certificate of authority to transact business

 

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

 

LINE OF AUTHORITY

Fidelity

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

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

 

FORMS--POLICY
PROVISIONS

 

 

 

ACCESS TO COURTS

Title 24-A § 2433.  Jurisdiction of courts, limitation of actions

Maine courts must have jurisdiction.

 

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.  

 

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 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…). 

 

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.

 

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).

 

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).

 

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

Restrictions on policy provisions relating to benefits not associated with loss and reductions in premium associated 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

Fidelity coverage is not eligible under the property and casualty law.

 

NOTICE REQUIREMENTS

Title 24-A § 2908.  Cancellation and nonrenewal

 

 

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.

 

PERMISSIBLE REASONS FOR NON-RENEWAL

Title 24-A § 2908.  Cancellation and nonrenewal

 

 

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…). 

 

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.

 

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

Maine courts must have jurisdiction.

Insured must be given two years to bring suit against insurer.

 

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

Statements in applications must be considered representations not warranties.

 

 

Last Updated: April 30, 2013