Source: https://www.maine.gov/pfr/insurance/review_checklists/Rate_filing_Crop.htm
Timestamp: 2014-07-14 16:31:17
Document Index: 456869312

Matched Legal Cases: ['§ 2304', '§ 2412', '§3002', '§404', '§2412', '§2304', '§2412', '§2304', '§2433', '§2433', '§2413', '§2411', '§2186', '§3002', '§ 2308', '§3007', '§3001', '§2162', '§2172', '§2186', '§2951', '§3004', '§2436', '§3004', '§2414', '§2436', '§ 1602', '§2206', '§2162', '§2163', '§3002', '§2411', '§2411', '§2304', '§2303', '§2304', '§2304', '§2308', '§2303', '§2303', '§2303', '§2304', '§2412', '§2304', '§2403', '§2302', '§2303', '§2302', '§2303', '§2302', '§2304', '§2303']

Crop : Form & Rate Filing Review Checklists : Bureau of Insurance
> Company Services > Review Checklists > Crop
LINE(S) OF INSURANCE
FEDERALLY REINSURED CROP
IF CHECKLIST IS NOT APPLICABLE, PLEASE EXPLAIN:
LOCATION OF STANDARD IN FILING
GENERAL REQUIREMENTSFOR ALL 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 Title 24-A - §3002. Standard fire policy required; exceptions
Policies effective at 12:01 AM Standard Time
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
LINE OF AUTHORITY Fire and Allied Lines
FILING EXEMPTIONS
Title 24-A - §2412.
Title 24-A - §2304-A.
Large commercial risks exempt from filing — refer to statue for criteria and definition of large commercial risk
THIRD PARTY FILERS AUTHORITY
Title 24-A - §2412. Filing, approval of forms
Title 24-A - §2304-A. Rate filings
Must include authorization to communicate directly with third party filers Rate Filing Requirements
Rate/Rule/Form filing Requirements
FORMS--POLICYPROVISIONS ACCESS TO COURTS
Title 24-A §2433 Jurisdiction of courts;
Maine Courts have jurisdiction
ACTION AGAINST COMPANY
Title 24-A - §2433. Jurisdiction of courts, limitation of actions
Insured must be given two years from date of loss to bring suit against insurer AMBIGUOUS & MISLEADING
Title 24-A §2413
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 - §2186. Insurance fraud prevention
All statements are considered representations not warranties. Must file applications only if to be made part of the policy.
The Maine Fraud Warning must appear permanently affixed on all application (i.e. new business, renewal, supplemental, etc…). APPRAISALS
Title 24-A - §3002. Standard fire policy required; exceptions
Refer to Standard Fire Policy for appraisal provision
Arbitration must take place in the Maine County in which the policy was issued for delivery.
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).
Title 24-A §3007 Cancellation and non-renewal
Statutory grounds are required to cancel mid-term and must be included in Maine amendatory endorsement ; statutory notice required for both cancellation & non-renewal; Maine amendatory endorsement must include mailing time language.
Title 24-A - MAINE INSURANCE CODE
Title 24-A - Chapter 27, THE INSURANCE CONTRACT
Title 24-A - §3001. CONTRACTS SUBJECT TO GENERAL PROVISIONS
Title 24-A - Chapter 41, PROPERTY INSURANCE CONTRACTS
Contracts subject to provisions of Property Chapter 41and general provisions of Chapter 27 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 association with savings and expenses FICTITIOUS GROUPS
Title 24-A - §2172. Fictitious groups
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
Property coverage is not eligible under the property and casualty law.
Insurance Bulletin 372
Title 24-A Ch. 41: Property Insurance Contracts - Subchapter 3: LIEN OF MORTGAGEES ON POLICIES
Mortgagee notification must be consistent with Standard Fire Policy LOSS SETTLEMENTS
Title 24-A - §3004-A. Actual cash value
Title 24-A §2436. Interest on overdue payments
Statutory definition of ACV LOSS VALUATION
Title 24-A, §3004-A: Actual cash value
See appraisal clause of Standard Fire Policy
Statutory definition of ACV applies
MINIMUM STANDARDS FOR CONTENT
(POLICIES AND STANDARD FORMS) Title 24-A §2414. Standard provisions, in general
Title 24-A – Chapter 41, Property Insurance Contracts
Property contracts are subject to provisions of Chapter 41and other applicable provisions of Title 24-A (The Maine Insurance Code)
MORTGAGEE/LIENHOLDER
Must be consistent with the Maine Standard Fire Policy NOTICE OF CANCELLATION
Insurance - Bulletin 201
Minimum 10 days advance notice required for cancellation & must allow for 3 days mail time, i.e., proof of mailing is not proof of receipt until the third calendar day after mailing; Also, notice must inform insured of right to request a hearing within 45 days of receipt of notice. NOTICE OF NON-RENEWAL
Minimum of 30 days advance notice required for non-renewal and must allow for 3 days mail time. i.e., proof of mailing is not proof of receipt until the third calendar day after mailing.
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. POST JUDGMENT INTEREST
Insurance Bulletin 353
Title 14 § 1602-C
Interest after judgment
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
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 inducement rebates prohibited unless contained in policy STANDARD FIRE POLICY
Property coverage must include Maine Standard Fire Policy Provisions.
Title 24-A, §3002: Standard fire policy required; exceptions
See Property Policy Coverage Form. SUIT
Insured must be given 2 years from date of loss to bring suit against the insurer
Insurance Bulletin 348
Permitted on this line of business but cannot exclude Standard Fire Policy
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).
Title 24-A - §2411. Representations in applications
Statements on applications are deemed to be representations, not warranties. 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 cost multiplier
CATASTROPHE HAZARDS Title 24-A §2303 Making of rates
Title 24-A §2304-A Rate filings
Rate provisions must be supported by experience or relevant catastrophe models CHARGES
Title 24-A, §2304-A: Rate filings
Must be filed as part of rating plan CONSENT-TO-RATE
Title 24-A §2308 Excess rates
Permitted if rating manual filing previously filed does not contemplate the specific risk being assumed
CREDIBILITY AND OTHER FACTORS
Title 24-A - §2303. Making of rates
Rate and loss costs multiplier calculation should reflect credibility DISCOUNTS
Credits must be filed 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).
Rate and loss costs multiplier calculation should reflect expenses of insurer.
Title 24-A, §2303: Making of rates
Rate and loss costs multiplier calculation should reflect experience of insurer.
Must be filed as part of rating plan GROUP POLICIES
Property coverage is not eligible under the property and casualty law. IRPM/ SCHEDULE RATING
Must be filed as part of rating plan. The maximum aggregate debit/credit permitted is 40%.
JUDGMENT Title 24-A, §2303: Making of rates
Rate and loss costs multiplier calculation may reflect judgment of insurer.
Must be filed as part of rating plan LOSS COST MULTIPLIERS
Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss cost multiplier.
Title 24-A - §2304-B. Reference filings
Must be filed as part of rating plan MINIMUM PREMIUM RULES
Must be filed as part of rating plan
MULTIE-TIER
OTHER – LARGE COMMERCIAL RISKS
Title 24-A, §2412-A: Large commercial contracts
Insurers exempt from filing rate/rule/forms to be issued specifically to large commercial risks; refer to statute for qualifying criteria for risks in this category OTHER FEES ASSOCIATED WITH THE ISSUANCE OF A POLICY, DELIVERY OF POLICY OR COLLECTION OF PREMIUM Title 24-A, §2304-A: Rate filings
Title 24-A, §2403: "Premium" defined
Title 24-A - §2302-A Definitions
Title 24-A §2303 Making of rates
All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filing and file loss costs multiplier.
PROFIT LOADING
Rate and loss costs multiplier calculation may reflect profit loading and must include consideration for investment income
RATE/LOSS COST SUPPORTING INFORMATION Title 24-A - §2302-A. Definitions
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
Must be filed as part of rating plan RETURN ON EQUITY/INVESTMENT INCOME 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
SERVICE CHARGES(COLLECTION EXPENSE SUCH AS, BUT NOT LIMITED TO, INSTALLMENT, NSF, REINSTATEMENT, LATE & CONVENIENCE FEES)
Title 24-A - §2302-A. Definitions
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