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Surety

LINE OF BUSINESS: Surety LINE(S) OF INSURANCE CODES
    Surety 24.0000
       
Code: 24.0000    
       
       
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 - §2304-A. Rate filings

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. Policies effective at 12:01 AM Standard Time.  
FILING SUBMISSION

24-A §3101. Contracts subject to general provisions

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

Title 24-A - §2304-A. Rate filings

Sureties forms although exempt from filing requirements but are subject to provisions of Chapter 27 & other applicable provisions of Title 24-A (The Maine Insurance Code).

Surety forms are exempt from filing requirements.

Rate/Rule filing requirements.

 
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 Surety 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 Must include authorization to communicate directly with third party filers.  
RATE, RULE, RATING PLAN, CLASSIFICATION, AND TERRITORY FILING REQUIREMENTS      
ADOPTIONS OF RATE SERVICE ORGANIZATIONS (RSO) FILINGS Title 24-A - §2304-B. Reference filings

Insurance - Bulletin 176

Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss costs multiplier.  
CHARGES Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan  
COMPETITION Title 24-A - §2306. Disapproval of filing May support filing by citing specific competitors filing.  
CONSENT-TO-RATE Title 24-A - §2308. Excess rates Consent to rate and form requirements for individual risk filings.  
CREDIBILITY AND OTHER FACTORS

Title 24-A - §2303. Rate filings

Title 24-A - §2304-A. Rate filings

Surcharges and credits must be supported.  
CREDIT SCORING AND REPORTS

Title 24-A - §2169-B. Use of consumer reports in insurance underwriting

Insurance - Bulletin 329

   
DISCOUNTS Title 24-A - §2304-A. Rate filings Surcharges and credits must be supported.  
EXPENSE MODIFICATION PLAN

Insurance Bulletin-233

Must be filed as part of rating plan.  Rate credits resulting from a negotiated/reduced commission are limited to no greater than 10% (see Bulletin 233).  
EXPENSES Title 24-A - §2303. Making of rates Rate and loss costs multiplier calculation should reflect expenses of insurer.  
EXPERIENCE Title 24-A - §2303. Making of rates Rate and loss costs multiplier calculation should reflect experience of insurer.  
EXPERIENCE RATING Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan  
GROUP POLICIES Title 24-A - §2951. Group property and casualty insurance Surety is not an eligible under the property and casualty law.  
JUDGMENT Title 24-A - §2303. Making of rates Rate and loss costs multiplier calculation should reflect judgment of insurer.  
LARGE DEDUCTIBLE Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan  
LOSS COST MULTIPLIERS

Title 24-A - §2304-B. Reference filings

Insurance - Bulletin 176

Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss costs multiplier.  
LOSS COSTS

Title 24-A - §2304-B. Reference filings

Insurance - Bulletin 176

Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss costs multiplier.  
MINIMUM PREMIUM RULES Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan  
MULTI-TIER Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan  
OTHER FEES ASSOCIATED WITH THE ISSUANCE OF A POLICY, DELIVERY OF A POLICY, OR COLLECTION OF PREMIUM

Title 24-A - §2304-A. Rate filings

Title 24-A, §2403: "Premium" defined
Must be filed as part of rating plan  
PAYMENT PLANS

Title 24-A - §2304-A. Rate filings

Title 24-A, §2403: "Premium" defined
Must be filed as part of rating plan  
PRICING

Title 24-A - §2302-A. Definitions

Title 24-A - §2303. Making of rates

Title 24-A - §2304-A. Rate filings

Title 24-A - §2304-B. Reference filings

Insurance - Bulletin 176

All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.  
PRIOR APPROVAL

Title 24-A - §2304-A. Rate filings

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.  
PROFIT LOADING Title 24-A - §2303. Making of rates Rate and loss costs multiplier calculation may reflect profit loading and must include consideration for investment income.  
RATE RANGES Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan  
RATE/LOSS COST SUPPORTING INFORMATION

Title 24-A - §2304-A. Rate filings

Insurance - Bulletin 176

All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.  
RATING PLAN REQUIREMENTS

Title 24-A - §2304-A. Rate filings

Insurance - Bulletin 176

All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.  
RETROSPECTIVE RATING Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan  
RETURN ON EQUITY/INVESTMENT INCOME

Title 24-A - §2304-A. Rate filings

Title 24-A - §2303. Making of rates

Profit must give consideration to investment income.

Manual rates, minimum premiums, class rates, rating schedules or rating plans, ever other rating rule, and every modification to the foregoing should be filed and supported.

 
RISK CLASSIFICATION Title 24-A - §2303. Making of rates Permitted.  
SCHEDULE RATING Title 24-A - §2304-A. Rate filings Considered part of rating plan and a maximum aggregate credit/debit of 40% is permitted.  
SERVICE CHARGES (COLLECTION EXPENSE SUCH AS, BUT NOT LIMITED TO,  INSTALLMENT, NSF, REINSTATEMENT, LATE & CONVENIENCE FEES)

Title 24-A - §2304-A. Rate filings

Title 24-A, §2403: "Premium" defined
Must be filed as part of rating plan.  
SMALL DEDUCTIBLE Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan.  
SUPPORTING DATA

Title 24-A - §2302-A. Definitions

Title 24-A - §2303. Making of rates

Title 24-A - §2304-A. Rate filings

Insurance - Bulletin 176

All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.  
SURCHARGES Title 24-A - §2304-A. Rate filings Must be filed as part of rating plan  
TRENDING

Title 24-A - §2303. Making of rates

Title 24-A - §2304-A. Rate filings

All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filings and filing loss costs multiplier.  

 

Last Updated: November 2, 2012