| 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 |
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. Policies effective at 12:01 AM Standard Time. |
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| 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. |
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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 |
Surety |
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 |
Must include authorization to communicate directly with third party filers. |
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| RATE, RULE, RATING PLAN, CLASSIFICATION,
AND TERRITORY FILING REQUIREMENTS |
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| 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. |
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| CHARGES |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan |
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| COMPETITION |
Title 24-A - §2306. Disapproval of filing |
May support filing by citing specific competitors filing. |
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| CONSENT-TO-RATE |
Title
24-A - §2308. Excess rates |
Consent to rate and form requirements for individual risk filings. |
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| CREDIBILITY AND OTHER FACTORS |
Title
24-A - §2303. Rate filings
Title 24-A - §2304-A. Rate filings |
Surcharges and credits must be supported. |
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| 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. |
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| 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). |
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| EXPENSES |
Title 24-A - §2303. Making of rates |
Rate and loss costs multiplier calculation should reflect expenses of insurer. |
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| EXPERIENCE |
Title 24-A - §2303. Making of rates |
Rate and loss costs multiplier calculation should reflect experience of insurer. |
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| EXPERIENCE RATING |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan |
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| GROUP POLICIES |
Title 24-A - §2951. Group property and casualty insurance |
Surety is not an eligible under the property and casualty law. |
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| JUDGMENT |
Title 24-A - §2303. Making of rates |
Rate and loss costs multiplier calculation should reflect judgment of insurer. |
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| LARGE DEDUCTIBLE |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan |
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| 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. |
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| 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. |
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| MINIMUM PREMIUM RULES |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan |
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| MULTI-TIER |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan |
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| 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 |
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| PAYMENT PLANS |
Title 24-A - §2304-A. Rate filings
Title 24-A, §2403: "Premium" defined |
Must be filed as part of rating plan |
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| 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. |
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| 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. |
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| 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. |
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| RATE RANGES |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan |
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| 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. |
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| 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. |
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| RETROSPECTIVE RATING |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan |
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| 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. |
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| RISK CLASSIFICATION |
Title 24-A - §2303. Making of rates |
Permitted. |
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| SCHEDULE RATING |
Title 24-A - §2304-A. Rate filings |
Considered part of rating plan and a maximum aggregate credit/debit of 40% is permitted. |
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| 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. |
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| SMALL DEDUCTIBLE |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan. |
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| 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. |
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| SURCHARGES |
Title 24-A - §2304-A. Rate filings |
Must be filed as part of rating plan |
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| 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. |
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