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Financial Guaranty

LINE OF BUSINESS: Financial Guaranty LINE(S) OF INSURANCE CODES
    Financial Guaranty 10.0000
       
Code: 10.0000    
       
       
IF CHECKLIST IS NOT APPLICABLE, PLEASE EXPLAIN:  
   
   

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 § 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.

 

FILING SUBMISSION

Title 24-A §2412. Filing, approval of forms

Form Filing Requirements.

 

EFFECTIVE DATE WORDING

 

Include proposed effective date on SERFF General Information.  Policies effective at 12:01 AM Standard Time.

 

LIMITATIONS/RESTRICTIONS ON TRANSACTING BUSINESS

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

Must have certificate of authority to transact business.

 

LINE OF AUTHORITY

Financial Guaranty

Must have requisite certificate of authority to transact business before submitting rate/rule/form filings.

 

THIRD PARTY FILERS AUTHORITY

Title 24-A §2412. Filing, approval of forms

Must include authorization to communicate directly with third party filers

 

FORMS--POLICY
PROVISIONS

 

 

 

ACCESS TO COURTS

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

Maine Courts must have jurisdiction.

 

AMBIGUOUS & MISLEADING

Title 24-A - §2413. Grounds for disapproval

Grounds for disapproval.

 

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…). 

 

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

Contracts subject to the general provisions of Chapter 27

 

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 related to benefits not associated with loss and reductions in premium association 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

Not an eligible line.

 

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.

 

PRIOR APPROVAL

Title 24-A - §2412. Filing, approval of forms

Statute contains a deemer provision.

 

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

Insured must be given 2 years from date of loss to bring suit against insurer

 

TERRORISM

Insurance - Bulletin  348

 

 

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).

 

WARRANTIES

Title 24-A - §2411. Representations in applications

Statements on applications are deemed to be representations, not warranties.

 

 

Last Updated: April 30, 2013