Source: https://www.maine.gov/pfr/insurance/review_checklists/Rate_filing_Farm.htm
Timestamp: 2014-03-09 21:28:30
Document Index: 451766567

Matched Legal Cases: ['§2433', '§ 3004', '§3002', '§2172', '§ 1315', '§ 2304', '§2206', '§2163', '§3003', '§304', '§2304', '§2304', '§2303']

Farm : Form & Rate Filing Review Checklists : Bureau of Insurance
> Company Services > Review Checklists > Farmowners
Include proposed effective date on SERFF General Information. Policies effective at 12:01 AM Standard Time. FILING SUBMISSION
Rate Filing Requirements.
Must have requisite certificate of authority to transact business before submitting rate/rule/form filing.
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. ACTUAL CASH VALUE
Title 24-A § 3004-A Actual Cash Value
ACV means the replacement cost of an insured item of property at the time of loss, less the value of physical depreciation as to the item damaged. "Physical depreciation" means a value as determined according to standard business practices. AMBIGUOUS & MISLEADING
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…). APPRAISAL
Title 24-A §3002 Standard fire policy required; exceptions
Refer to Standard Fire Policy for proof of loss and appraisal provision.
Maine amendatory endorsement must include statutory grounds for mid-term cancellation.
Contracts subject to Chapter 27, Chapter 41 and to general provisions of Maine Insurance Code.
Restrictions on policy provisions related to benefits not associated with loss and reductions in premium association with savings and expenses. EXCLUSIONS & LIMITATIONS
Title 24-A - §2172. Fictitious groups prohibited
Statutory (or substantially similar) wording must be included on all applications (i.e. new business, renewal, supplemental, etc…) and claim forms.
A group policy for Farmowners is not eligible under the property and casualty group law.
Maine permits the exclusion of lead except in the case of any dwelling unit or child-occupied facility (as defined in (22 M.R.S.A. § 1315(1-C)). In these cases the exclusion may apply only to bodily injury and not be effective until 31 days or more (an extension) after the State of Maine Department of Health Services or a department-licensed lead inspector has given notice of the existence of a lead hazard. LOSS PAYEE
Mortgage clause must be consistent with Standard Fire Policy.
LOSS SETTLEMENTS
Must be consistent with Standard Fire Policy.
Statutory definition of ACV. MOLD
Permitted with a sub-limit. MORTGAGEE/LIENHOLDER
NOTICE OF CONCELLATION
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 — refer to subsection 6 of statute. NOTICE OF NON-RENEWAL
Minimum 30 days advance notice required for nonrenewal & must allow for 3 days mail time, i.e., proof of mailing is not proof of receipt until the third calendar day after mailing. NOTICE REQUIREMENTS
Refer to Standard Fire Policy for proof of loss provision.
See statute for permissible grounds.
Title 24-A § 2304-A. Rate Filings
Title 24-A §2206. Notice of insurance information practices
Title 24-A - §2163-A. Permitted activities
Refer to Statutes and Bulletin for specific information. STANDARD FIRE POLICY
Title 24-A §3003. Combination coverages
Provisions of Standard Fire Policy may be incorporated in all property contracts or by endorsement using a Maine Standard Fire Policy form.
Permitted by Standard fire policy.
Insured must be given 2 years from date of loss to bring suit against insurer. TERRORISM
Title 14 §304
Liability of parents or legal guardians for damage by children
Parents/legal guardians liable for action of minor children up to $800.
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). WARRANTIES
CALCULATION OF UNEARNED/RETURN PREMIUM
May support filing by citing specific competitor filing. CONSENT-TO-RATE
Permitted if rating manual filing previously filed does not contemplate the specific risk being assumed.
Credibility standards must be supported.
Credits must be supported.
Rate or loss cost multiplier calculation should reflect expenses of insurer.
Rate or loss cost multiplier calculation should reflect experience of insurer. EXPERIENCE RATING
IRPM/ SCHEDULE RATING
Must be filed as part of rating plan. The maximum aggregate debit/credit permitted is 40%. JUDGMENT
Rate or loss cost multiplier calculation should reflect expenses of insurer. LARGE DEDUCTIBLE
Insurer may satisfy rate filing requirements by adopting advisory organization filings and filing loss costs multiplier MINIMUM PREMIUM RULES
Rate or loss cost multiplier calculation may reflect profit loading and must include consideration for investment.
RATE RANGES Title 24-A - §2304-A. Rate filings
RETURN ON EQUITY/INVESTMENT INCOME
Profit must give consideration to investment income.
Manual rates, minimum premiums, class rates, rating schedules or rating plans, every 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)
All aspects of pricing must be filed and supported and/or may adopt advisory organization reference filing and file loss costs multiplier. SURCHARGES Title 24-A - §2304-A. Rate filings
TRENDING 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. Last Updated: April 30, 2013