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 § 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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FILING SUBMISSION |
Title 24-A §2412. Filing, approval of forms |
Form Filing Requirements. |
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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. |
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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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LINE OF AUTHORITY |
Financial Guaranty |
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 §2412. Filing, approval of forms |
Must include authorization to communicate directly with third party filers |
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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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AMBIGUOUS & MISLEADING |
Title 24-A - §2413. Grounds for disapproval |
Grounds for disapproval. |
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APPLICATIONS |
Title 24-A - §2411. Representations in applications |
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 |
Contracts subject to the general provisions of Chapter 27 |
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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 related to benefits not associated with loss and reductions in premium association 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 |
Not an eligible line. |
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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. |
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PRIOR APPROVAL |
Title 24-A - §2412. Filing, approval of forms |
Statute contains a deemer provision. |
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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 |
Insured must be given 2 years from date of loss to bring suit against insurer |
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TERRORISM |
Insurance - Bulletin 348 |
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VOIDANCE |
Title 24-A - §2411. Representations in applications |
Do not allow insurers to 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 on applications are deemed to be representations, not warranties. |
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