reglab/statecodes huggingface dataset:
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 712 - ESTABLISHMENT OF LICENSE AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S FORECLOSURE PURCHASER LICENSING › Section 030-712-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
1.
Licensing
				periods.
a.
Foreclosure
				purchasers.
Previously, licenses for foreclosure purchasers were
				granted for a 1-year period and expired on January 31. Effective with this
				rule, all licenses as a foreclosure purchaser are granted for a one-year period
				commencing January 1 and expiring on December 31st.
				Current licensees as of the effective date of this rule whose licenses would
				expire on January 31, 2024 shall be required to renew by December 31, 2023, but
				if they do so shall receive a $17.00 credit toward the 2024 renewal fee.
				Licensees whose license expires on January 31, 2024 who do not renew on or
				prior to December 31, 2023 but do renew prior to January 31, 2024 will receive
				no credit but will not have to pay a late fee.
b.
State of Maine renewal license
				application fees
. Fees assessed to renewal applicants are as follows:
i. Foreclosure purchaser renewal fee:
				$200.00;
ii. Foreclosure purchaser
				branch office renewal fee: $100.00.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 713 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S GUARANTEED ASSET PROTECTION WAIVER ADMINISTRATORS AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-713-I - AUTHORITY

Current through 2024-29, July 17, 2024
Pursuant to
				  10 M.R.S.
				  §1500-H(6-A), the
				  Superintendent may establish, by rule, fees to apply for or renew guaranteed
				  asset protection waiver administrator registrations, except that the fee for an
				  initial application may not exceed $300.00, and the fee for renewal may not
				  exceed $300.00. Renewal applications received after the expiration date are
				  subject to a late fee of $100.00.
Title
				  10 M.R.S.
				  §1500-H(6-A) authorizes
				  the Superintendent to establish routine technical rules to move guaranteed
				  asset protection waiver administrator registration to the Nationwide Multistate
				  Licensing System (NMLS), including rules authorizing NMLS to collect fees and
				  remit those fees to the Bureau, authorizing collection of fees by NMLS for its
				  processing costs, authorizing NMLS to process and maintain registration
				  records, and authorizing the use of NMLS's uniform forms.
Title
				  10 M.R.S.
				  §1500-H(6-A) provides,
				  "In all cases, whether registration is through the nationwide mortgage
				  licensing system and registry or otherwise, the Superintendent may establish,
				  by rule, requirements for registration "¦."
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 713 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S GUARANTEED ASSET PROTECTION WAIVER ADMINISTRATORS AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-713-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this Chapter is to permit the State of Maine
				  to use NMLS for registration of all guaranteed asset protection waiver
				  administrators. Use of the system will provide improved oversight over the
				  activities of the entities and will simplify recordkeeping and standardize
				  processes for all guaranteed asset protection waiver administrators registered
				  in Maine. This Chapter does not modify the standards for registration or the
				  applicability of the provisions of the Maine Guaranteed Asset Protection
				  Waivers Act,
				  10 M.R.S.
				  §1500-H, but rather sets forth the
				  registration requirements to be utilized henceforth by the
				  Bureau.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 713 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S GUARANTEED ASSET PROTECTION WAIVER ADMINISTRATORS AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-713-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For the purpose of this Chapter, the following terms have the
				  following meanings
1. "Administrator"
				means a person, other than an insurer or creditor, that performs administrative
				or operational functions pursuant to a guaranteed asset protection waiver
				program.
2. "Bureau" means the
				Maine Bureau of Consumer Credit Protection.
3. "Controlling person" means an individual
				or entity having ownership interest of 25% or more in the applicant or an
				entity of which the applicant is a subsidiary.
4. "Guaranteed Asset Protection Waiver
				Administrator" means an entity as defined in
				10 M.R.S.
				§
										1500-H(1)(A).
5. "Nationwide Multistate Licensing System,"
				herein referred to as "NMLS," means the nationwide multistate licensing system
				and registry for mortgage lender licensing and loan brokering referred to in
				9-A
				M.R.S. §13-102(8)
				(previously, the "Nationwide Mortgage Licensing System").
6. "Superintendent" means the Superintendent
				of Consumer Credit Protection.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 713 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S GUARANTEED ASSET PROTECTION WAIVER ADMINISTRATORS AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-713-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
1.
Administrative authority granted to NMLS.
To effectuate the
				transition of all guaranteed asset protection waiver administrator
				registrations to NMLS, NMLS is authorized to collect fees and remit those fees
				to the Bureau, collect fees for its processing costs, process and maintain
				registration records, and require use of NMLS uniform electronic and paper
				forms.
2.
Licensing
				periods.
Registrations for guaranteed asset protection waiver
				administrators are granted for a one-year period commencing January
				1st and expiring on December
				31st.
3.
For guaranteed asset protection waiver administrators that hold a valid
				Maine registration for 20223.
a.
Transitional period.
The period from November 1, 2023 through
				December 31, 2023 is considered a transitional period, during which all
				registered guaranteed asset protection waiver administrators wishing to remain
				registered must obtain registrations through NMLS.
b.
One-month
late
transitional period.
All renewal applications to transition existing
				registrations to NMLS received between January 1, 2024 and January 31, 2024
				will be processed, but applicants will be assessed a late fee of
				$100.00.
c.
Deadline.
Renewal applications transitioning to NMLS will not be accepted after January
				31, 2024. All applications received after that date will be considered new
				applications.
d.
NMLS
				processing fees.
At the time existing registrants apply to NMLS for a
				renewal registration, they must pay the NMLS processing fee directly to
				NMLS.
e.
State of Maine
				renewal registration application fees
. The fee to renew a guaranteed
				asset protection waiver administrator registration is set at
				$150.00.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 714 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND REGISTRATION REQUIREMENTS FOR MAINE LEGAL FUNDING PROVIDERS › Section 030-714-I - AUTHORITY

Current through 2024-29, July 17, 2024
Pursuant to
				  9-A
				  M.R.S. §12-106(2), the
				  Administrator may establish, by rule, fees to apply for or renew Legal Funding
				  Provider registrations, except that the fee for an initial application may not
				  exceed $800.00, and the fee for a renewal may not exceed $500.00 for any
				  registered location. Renewal applications received after a registration's
				  expiration date are subject to a late fee of $100.00.
Title
				  9-A
				  M.R.S. §12-106(2) also
				  authorizes the Administrator to establish application
				  requirements.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 714 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND REGISTRATION REQUIREMENTS FOR MAINE LEGAL FUNDING PROVIDERS › Section 030-714-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this Chapter is to set forth the registration
				  provisions to be utilized henceforth by the Bureau and establish fees for
				  registration as a Legal Funding Provider.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 714 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND REGISTRATION REQUIREMENTS FOR MAINE LEGAL FUNDING PROVIDERS › Section 030-714-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For the purpose of this Chapter, the following terms have the
				  following meanings:
1. "Administrator"
				means the Superintendent of the Bureau of Consumer Credit Protection.
2. "Bureau" means the Maine Bureau of
				Consumer Credit Protection.
3.
				"Consumer Report" means any written, oral, or other communication of any
				information by a consumer reporting agency bearing on a consumer's credit
				worthiness, credit standing, credit capacity, character, general reputation,
				personal characteristics, or mode of living which is used or expected to be
				used or collected in whole or in part for the purpose of serving as a factor in
				establishing the consumer's eligibility for credit or insurance to be used
				primarily for personal, family, or household purposes; employment purposes; or
				in connection with a determination of an applicant's eligibility for a license
				or other benefit granted by a governmental instrumentality required by law to
				consider an applicant's financial responsibility or status.
4. "Controlling person"" means an individual,
				wherever located in the chain of ownership of the applicant, who controls more
				than 25% of the ownership interests in the applicant.
5. "Litigation Funding Provider" means an
				entity as defined in
				9-A
				M.R.S.
				§12-102(3).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 714 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND REGISTRATION REQUIREMENTS FOR MAINE LEGAL FUNDING PROVIDERS › Section 030-714-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
1.
Registration periods.
Registrations for Litigation Funding
				Providers are currently granted for a two-year period and expire on September
				30th.
a.
State of Maine renewal registration application fees
. The fee to
				renew a Litigation Funding Provider registration or branch registration is set
				at $200.00.
b. Any registrant not
				renewing by November 1 of the year the registration expires will be billed a
				late fee of $100.00.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 715 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND REGISTRATION REQUIREMENTS FOR MAINE RESIDENTIAL REAL ESTATE SETTLEMENT AGENCY REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-715-I - AUTHORITY

Current through 2024-29, July 17, 2024
Pursuant to
				  10 M.R.S.
				  §1400-B(1), the
				  Administrator may establish, by rule, fees to apply for or renew settlement
				  agency registrations, except that the fee for an initial application may not
				  exceed $300.00, and the fee for a renewal may not exceed $300.00 for any single
				  registered location. Renewal applications received after the expiration date
				  are subject to a late fee of $100.00.
Title
				  10 M.R.S.
				  §1400-B(1) authorizes
				  the Administrator to establish routine technical rules to move settlement
				  agency registration to the Nationwide Multi-state Licensing System (NMLS),
				  including rules authorizing NMLS to collect fees and remit those fees to the
				  Bureau; authorizing collection of fees by NMLS for its processing costs;
				  authorizing NMLS to process and maintain registration records; and authorizing
				  the use of NMLS's uniform forms.
Title
				  10 M.R.S.
				  §1400-B(1) authorizes
				  the Administrator to establish by rule requirements for
				  registration.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 715 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND REGISTRATION REQUIREMENTS FOR MAINE RESIDENTIAL REAL ESTATE SETTLEMENT AGENCY REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-715-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this Chapter is to permit the State of Maine
				  to utilize NMLS for the registration of all settlement agencies. Use of the
				  system will provide improved oversight over the activities of the entities and
				  will simplify recordkeeping and standardize processes for all settlement
				  agencies registered in Maine. This Chapter sets forth the registration
				  application requirements to be utilized henceforth by the Bureau and sets
				  initial and renewal registration fees.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 715 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND REGISTRATION REQUIREMENTS FOR MAINE RESIDENTIAL REAL ESTATE SETTLEMENT AGENCY REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-715-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For the purpose of this Chapter, the following terms have the
				  following meanings:
1. "Administrator"
				means the Superintendent of the Bureau of Consumer Credit Protection.
2. "Bureau" means the Maine Bureau of
				Consumer Credit Protection.
3.
				"Controlling Person" means an individual or entity, wherever located in the
				chain of ownership of the applicant, who controls more than 25% of the
				ownership interests in the applicant.
4. "Nationwide Multistate Licensing System,"
				herein referred to as "NMLS," means the nationwide multistate licensing system
				and registry for mortgage lender licensing and loan brokering referred to in
				9-A M.R.S. §
									13-102(8)
				(previously the "Nationwide Mortgage Licensing System").
5. "Settlement agency" means an entity as
				defined in
				10 M.R.S.
				§1400-A(3).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 715 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND REGISTRATION REQUIREMENTS FOR MAINE RESIDENTIAL REAL ESTATE SETTLEMENT AGENCY REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-715-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
1.
Administrative authority granted to NMLS.
To effectuate the
				transition of all consumer reporting agency registration to NMLS, NMLS is
				authorized to collect fees and remit those fees to the Bureau, collect fees for
				its processing costs, process and maintain registration records, and require
				use of NMLS uniform electronic and paper forms.
2.
Registration periods.
Registrations for settlement agencies were previously for a period of one year
				terminating on April 30. As of the effective date of this rule, registrations
				for settlement agencies are granted for a one-year period commencing January
				1st and expiring on December
				31st.
3.
For settlement agencies that hold a valid Maine registration for
				2023.
a. Transitional period. The
				period November1, 2023 through December 31, 2023 is considered a transitional
				period, during which all settlement agencies shall transition from the State of
				Maine's registration system and must obtain registration through
				NMLS.
b. One-month
late
transitional period. All renewal applications from
				existing registrants received between January 1, 2024 and January 31, 2024 will
				be processed, but applicants will be assessed a late fee of $100.00.
c. During the one-month "late renewal" period
				January 1 through January 31, renewal applicants will be billed a late fee of
				$100.00.
d. Registrants holding a
				valid registration through April 30, 2024 will be required to transition to
				NMLS prior to December 31, 2023 but shall pay a registration fee for the period
				January 1, 2024 through December 31, 2024 of $75.00 for the agency registration
				and $60.00 for each branch location registration.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-1 - Purpose

Current through 2024-29, July 17, 2024
This rule establishes appropriate standards for claim
				  reserves, premium reserves, and contract reserves on individual and group
				  health insurance.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-2 - Authority

Current through 2024-29, July 17, 2024
This rule is promulgated by the Superintendent pursuant to
				  Title
				  24-A M.R.S.A.,
				  Sections212 and
				  959(1).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-3 - Scope

Current through 2024-29, July 17, 2024
The standards set forth in Sections
				  4 through
				  8 and the Appendices apply to all
				  claims incurred before January 1, 2020 under individual and group health
				  insurance coverages issued by insurance companies doing business in this State,
				  except as provided in this section.
A.
				Claims incurred on and after January 1, 2020, shall be valued in accordance
				with the applicable standards as specified in Valuation Manual as adopted in
				accordance with
				24-A M.R.S.A.
				§959, including guidance applicable to
				coverage issued before 2020 as set forth in the NAIC Accounting Practices and
				Procedures Manual, or its successor publication, as adopted in accordance with
				24-A M.R.S.A.
				§901-A(1)(A).
B. Open claims incurred before January 1,
				2020 may, at the option of the insurer, be valued in accordance with applicable
				standards as specified in the Valuation Manual, including any applicable
				adjustments, modifications, or exceptions, provided that the election is made
				consistently for all open claims.
C. Once an insurer has exercised an option to
				value previously-incurred claims on the basis of a more recent valuation
				standard, all future valuations of those claims must be made on the same basis,
				applied consistently to all open claims, unless and until the insurer updates
				to a still more recent standard.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-4 - General Requirements and Structure of Rule

Current through 2024-29, July 17, 2024
A.
General Requirements
When an insurer determines that adequacy of its health
				  insurance reserves requires reserves in excess of the minimum standards
				  specified herein, such increased reserves shall be held and shall be considered
				  the minimum reserves for that insurer.
With respect to any block of contracts, or with respect to an
				  insurer's health business as a whole, a prospective gross premium valuation is
				  the ultimate test of reserve adequacy as of a given valuation date. Such a
				  gross premium valuation will take into account, for contracts in force, in a
				  claims status, or in a continuation of benefits status on the valuation date,
				  the present value as of the valuation date of: all expected benefits unpaid,
				  all expected expenses unpaid, and all unearned or expected premiums, adjusted
				  for future premium increases reasonably expected to be put into effect.
Such a gross premium valuation is to be performed whenever a
				  significant doubt exists as to reserve adequacy with respect to any major block
				  of contracts, or with respect to the insurer's health business as a whole. In
				  the event inadequacy is found to exist, immediate loss recognition shall be
				  made and the reserves restored to adequacy. Adequate reserves (inclusive of
				  claim, premium, and contract reserves, if any) shall be held with respect to
				  all contracts, regardless of whether contract reserves are required for such
				  contracts under these standards. Whenever minimum reserves, as defined in these
				  standards, exceed reserve requirements as determined by a prospective gross
				  premium valuation, such minimum reserves remain the minimum requirement under
				  these standards.
B.
Categories of reserves
The following sections set forth minimum standards for three
				  categories of health insurance reserves:
Section
				  5. Claim Reserves
Section
				  6. Premium Reserves
Section
				  7. Contract Reserves
Adequacy of an insurer's health insurance reserves is to be
				  determined on the basis of all three categories combined. However, these
				  standards emphasize the importance of determining appropriate reserves for each
				  of the three categories separately.
C.
Appendices
These standards contain two appendices which are an integral
				  part of the standards, and one additional "supplementary" appendix which is not
				  part of the standards as such, but is included for explanatory and illustrative
				  purposes only.
Appendix A. Specific minimum standards with respect to
				  morbidity, mortality, and interest, which apply to claim reserves according to
				  year of incurral and to contract reserves according to year of issue.
Appendix B. Glossary of Technical Terms used.
Appendix C. (Supplementary) Waiver of Premium
				  Reserves.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-5 - Claim Reserves

Current through 2024-29, July 17, 2024
A.
General
(1) Claim reserves are
				required for all incurred but unpaid claims on all health insurance
				policies.
(2) Appropriate claim
				expense reserves are required with respect to the estimated expense of
				settlement of all incurred but unpaid claims.
(3) All such reserves for prior valuation
				years are to be tested for adequacy and reasonableness along the lines of claim
				runoff schedules in accordance with the statutory financial statement including
				consideration of any residual unpaid liability.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-6 - Premium Reserves

Current through 2024-29, July 17, 2024
A.
General
(1) Except as provided
				in paragraph (2), unearned premium reserves are required for all contracts with
				respect to the period of coverage for which premiums, other than premiums paid
				in advance, have been paid beyond the date of valuation.
(2) Single premium credit disability
				insurance, both individual and group, is excluded from unearned premium reserve
				requirements of this Section 6.
(3) If premiums due and unpaid are carried as
				an asset, such premiums must be treated as premiums in force, subject to
				unearned premium reserve determination. The value of unpaid commissions,
				premium taxes, and the cost of collection associated with due and unpaid
				premiums must be carried as an offsetting liability.
(4) The gross premiums paid in advance for a
				period of coverage commencing after the next premium due date which follows the
				date of valuation may be appropriately discounted to the valuation date and
				shall be held either as a separate liability or as an addition to the unearned
				premium reserve which would otherwise be required as a
				minimum.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-7 - Contract Reserves

Current through 2024-29, July 17, 2024
A.
General
(1) Contract reserves
				are required, unless otherwise specified in Section 7(A)(2) for:
(a) All individual and group contracts with
				which level premiums are used; or
(b) All individual and group contracts with
				respect to which, due to the gross premium pricing structure at issue, the
				value of the future benefits at any time exceeds the value of any appropriate
				future valuation net premiums at that time. For products that are community
				rated or that use other rating methodology based on cross-subsidies among
				contracts within the block, this evaluation may be applied on a rating block
				basis provided that the total premiums for the block were developed to support
				the total risk assumed and expected expenses for the block each year, and a
				qualified actuary certifies the premium development. The actuary should state
				in the certification that premiums for the rating block were developed such
				that each year's premium was intended to cover that year's costs without any
				prefunding. If the premium is also intended to recover costs for any prior
				years, the actuary should also disclose the reasons for and magnitude of such
				recovery. If rates are determined such that each year's premium is intended to
				cover that year's cost, the rating block approach results in no contract
				reserves unless required by subsection D. If rates are designed to prefund
				future years' costs, contract reserves will be required. The values specified
				in this subparagraph (b) shall be determined on the basis specified in Section
				7(B).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-8 - Reinsurance

Current through 2024-29, July 17, 2024
Increases to, or credits against reserves carried, arising
				  because of reinsurance assumed or reinsurance ceded, must be determined in a
				  manner consistent with these minimum reserve standards and with all applicable
				  provisions of the reinsurance contracts which affect the insurer's
				  liabilities.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Section 031-130-9 - Effective Date

Current through 2024-29, July 17, 2024
Prior to December 31, 1992, the new standards set forth in
				  this Rule will apply only to those insurers who elect in writing to use these
				  standards. All others will be subject to the previously existing standards. The
				  new standards will be effective for all insurers on December 31, 1992. The 2006
				  amendments will be effective December 24, 2006. The 2022 amendments will be
				  effective August 2, 2022.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 130 - MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP HEALTH INSURANCE CONTRACTS › Appendix 031-130-C - RESERVES FOR WAIVER OF PREMIUM (Supplementary explanatory material)

Current through 2024-29, July 17, 2024
Waiver of premium reserves involve several special
				  considerations. First, the disability valuation tables promulgated by the NAIC
				  are based on exposures that include contracts on premium waiver as in-force
				  contracts. Hence, contract reserves based on these tables are NOT reserves on
				  "active lives" but rather reserves on contracts "in force." This is true for
				  the 1964 CDT and for both the 1985 CIDA and CIDB tables.
Accordingly, tabular reserves using any of these tables
				  should value reserves on the following basis:
Claim reserves should include reserves for premiums expected
				  to be waived, valuing as a minimum the valuation net premium being
				  waived.
Premium reserves should include contracts on premium waiver
				  as in-force contracts, valuing as a minimum the unearned modal valuation net
				  premium being waived.
Contract reserves should include recognition of the waiver of
				  premium benefit in addition to other contract benefits provided for, valuing as
				  a minimum the valuation net premium to be waived.
If an insurer is, instead, valuing reserves on what is truly
				  an active life table, or if a specific valuation table is not being used but
				  the insurer's gross premiums are calculated on a basis that includes in the
				  projected exposure only those contracts for which premiums are being paid, then
				  it may not be necessary to provide specifically for waiver of premium reserves.
				  Any insurer using such a true "active life" basis should carefully consider,
				  however, whether or not additional liability should be recognized on account of
				  premiums waived during periods of disability or during claim
				  continuation.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 135 - EMPLOYEE BENEFIT EXCESS INSURANCE › Section 031-135-1 - Purpose

Current through 2024-29, July 17, 2024
The purpose of this rule is to set forth standards for
				  employee benefit excess insurance providing coverage for employers maintaining
				  group health plans.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 135 - EMPLOYEE BENEFIT EXCESS INSURANCE › Section 031-135-2 - Authority

Current through 2024-29, July 17, 2024
The Superintendent adopts this rule pursuant to
				  24-A M.R.S.
				  §§212 and
				  707(3).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 135 - EMPLOYEE BENEFIT EXCESS INSURANCE › Section 031-135-3 - Scope

Current through 2024-29, July 17, 2024
This rule applies to all insurers offering or renewing
				  employee benefit excess insurance policies covering group health plans in this
				  State on or after the effective date of this rule. The Superintendent by
				  written order may waive or modify some or all of the provisions of this rule,
				  for good cause shown, for a policy offered to a retiree-only group health
				  plan.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 135 - EMPLOYEE BENEFIT EXCESS INSURANCE › Section 031-135-4 - Definitions

Current through 2024-29, July 17, 2024
For purposes of this rule:
1. "Actuarial certification" means a written
				statement by a member in good standing of the American Academy of Actuaries, or
				other qualified individual acceptable to the Superintendent, that to the best
				of the actuary's knowledge and judgment, the insurer is in compliance with the
				applicable laws of the State of Maine and provisions of this rule, based upon
				an examination by the certifying individual and including a review of the
				appropriate records and the actuarial assumptions and methods used by the
				insurer in establishing attachment points and other applicable
				determinations.
2. "Attachment
				point" means the claims amount incurred by an insured group beyond which the
				insurer incurs a liability for payment.
3. "Eligible employee" has the same meaning
				as provided in
				24-A M.R.S.
				§2808-B, subject to any applicable
				standards under the federal
Affordable Care Act
.
4. "Employee benefit excess insurance" means
				insurance protecting an employer against higher than expected obligations under
				an employee benefit plan, at retention levels that do not have the effect of
				making the plan an insured plan. Reinsurance provided to employers that
				self-insure their workers' compensation exposures pursuant to
				39-A
				M.R.S. §403 does not constitute employee
				benefit excess insurance. The transaction of employee benefit excess insurance
				does not constitute the conduct of the business of reinsurance.
5. "Expected claims" means the amount of
				claims that, in the absence of an employee benefit excess insurance policy or
				other insurance, is projected to be incurred by an insured group through its
				health plan.
6. "Group health plan"
				has the same meaning as provided in Paragraph 2791(a)(1) of the federal
Public Health Service Act
, but does not include a plan that
				provides only excepted benefits as described in Subsection 2791(c) of the
				federal
Public Health Service Act
.
7. "Small employer" means an employer
				eligible for a small group health plan under
				24-A M.R.S.
				§2808-B or under the federal
Affordable Care Act
.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 135 - EMPLOYEE BENEFIT EXCESS INSURANCE › Section 031-135-5 - Employee Benefit Excess Insurance Standards

Current through 2024-29, July 17, 2024
1.
				An employee benefit excess insurance policy may not:
A. Have an annual attachment point that is
				less than $28,700 for health benefit claims incurred per individual;
B. Have an annual aggregate attachment point
				for health benefits that is less than 120 percent of expected claims,
				determined net of any specific excess coverage that might be provided by the
				policy, and verified by the insurer using reasonable and accepted actuarial
				principles; or
C.Provide direct
				coverage to individual plan participants or beneficiaries.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 135 - EMPLOYEE BENEFIT EXCESS INSURANCE › Section 031-135-6 - Actuarial Certification

Current through 2024-29, July 17, 2024
An insurer that has issued or renewed an employee benefit
				  excess insurance policy subject to this rule at any time during a calendar year
				  must file with the Superintendent on or before April 1st of the following year
				  an actuarial certification in a form specified by the Superintendent,
				  certifying that the insurer is in compliance with this rule. The insurer shall
				  retain a copy of the certification at its principal place of
				  business.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 135 - EMPLOYEE BENEFIT EXCESS INSURANCE › Section 031-135-7 - Reporting

Current through 2024-29, July 17, 2024
An insurer that has issued or renewed an employee benefit
				  excess insurance policy in this State at any time during a calendar year must
				  report the following information to the Superintendent about its excess
				  insurance business in Maine, on or before April 1st of the following year, in
				  an electronic format prescribed by the Superintendent. The insurer shall
				  identify any information it considers to be a trade secret or otherwise
				  protected from disclosure as a public record.
1. The total number of employers in Maine
				covered during the calendar year;
2. The total number of small employers in
				Maine covered during the calendar year;
3. The number of eligible employees and the
				number of enrolled employees in each small group; and
4. The attachment point(s) for each small
				group.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 135 - EMPLOYEE BENEFIT EXCESS INSURANCE › Section 031-135-8 - Severability

Current through 2024-29, July 17, 2024
If any section, term, or provision of this rule is deemed
				  invalid for any reason, any remaining section, term, or provision shall remain
				  in full force and effect.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-1 - Definitions

Current through 2024-29, July 17, 2024
A. "Health Insurance" for the purpose of this
				Regulation shall include the following:
1.
				Health Insurance as defined in Title 24-A, M.R.S.A., Chapter 9, Section 704, is
				insurance of human beings against bodily injury, disablement or death by
				accident or accidental means, or the expense thereof, or against disablement or
				expense resulting from sickness, and every insurance appertaining
				thereto.
2. Nonprofit hospital or
				medical service plans.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-2 - Advertisements in general

Current through 2024-29, July 17, 2024
Advertisements shall be truthful and not misleading, in fact
				  or in implication or by omission of a fact or facts material to the
				  understanding of the policy offered. An offer in an advertisement of free
				  inspection of the policy or offer of a premium refund is not a cure for
				  misleading or deceptive statements contained in such advertisement.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-3 - Advertisements of benefits payable, losses covered or premiums payable

Current through 2024-29, July 17, 2024
A. Deceptive Words, Phrases or Illustrations:
Words, phrases or illustrations shall not be used in a manner
				  which misleads or has the capacity and tendency to deceive as to the extent of
				  any policy benefit payable, loss covered or premium payable. An advertisement
				  relating to any policy benefit payable, loss covered or premium payable shall
				  be sufficiently complete and clear as to avoid deception or the capacity and
				  tendency to deceive. Any statement of the maximum amount payable is incomplete
				  without disclosing any inside limits which are applicable.
B. Exclusions, Exceptions, Reductions and
				Limitations:
When an advertisement refers to any dollar amount, period of
				  time for which any benefit is payable, cost of policy, or specific policy
				  benefit or the loss for which such benefit is payable, it shall also disclose
				  those exclusions, exceptions, reductions and limitations affecting the basic
				  provisions of the policy without which the advertisement would have the
				  capacity and tendency to mislead or deceive.
C. Introductory, Initial or Special Offers:
An advertisement shall not state or imply that a particular
				  policy or combination of policies is an introductory, initial or special offer
				  and that the applicant will receive advantages by accepting the offer, unless
				  such is the fact. If the initial premium is different from the renewal premium,
				  both premiums must be clearly shown in close proximity.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-4 - Waiting, elimination, probationary or similar periods

Current through 2024-29, July 17, 2024
When a policy contains a time period between the effective
				  date of the policy and the effective date of coverage under the policy or a
				  time period between the date a loss occurs and the date benefits begin to
				  accrue for such a loss, an advertisement covered by Section 3B shall disclose
				  the existence of such periods.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-5 - Pre-existing conditions

Current through 2024-29, July 17, 2024
A. An advertisement
				covered by Section 3B shall, in negative terms, disclose the extent to which
				any loss is not covered if the cause of such loss is traceable to a condition
				existing prior to the effective date of the policy. The term "pre-existing
				condition" shall not be used unless adequately defined.
B. When a policy does not cover losses
				traceable to pre-existing conditions, no advertisement of the policy shall
				state or imply that the applicant's physical condition or medical history will
				not effect the issuance of the policy or payment of a claim thereunder. This
				limits the use of the phrase "no medical examination required" and phrases of
				similar import.
C. When an
				advertisement contains an application form to be completed by the applicant and
				returned by mail, such application form shall contain a statement which
				reflects the pre-existing condition provisions of the policy immediately
				preceding the blank space for the applicant's signature. For example, a
				statement substantially as follows:
"I understand that this policy will not pay benefits during
				  the first ___ year(s) after the issue date for a disease or physical condition
				  which I now have or have had in the past."
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-6 - Renewability, cancellability and termination

Current through 2024-29, July 17, 2024
An advertisement which refers to renewability, cancellability
				  or termination of a policy, or which refers to a policy benefit, or which
				  states or illustrates time or age in connection with eligibility of applicants
				  or continuation of the policy, shall disclose the provisions relating to
				  renewability, cancellability and termination and any modification of benefits,
				  losses covered or premiums because of age or for other reasons, in a manner
				  which shall not minimize or render obscure the qualifying
				  conditions.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-7 - Method of disclosure of required information

Current through 2024-29, July 17, 2024
All information required to be disclosed by this Regulation
				  shall be set out conspicuously and in close conjunction with the statements to
				  which such information relates or under appropriate captions of such prominence
				  that it shall not be minimized, rendered obscure or presented in an ambiguous
				  fashion or intermingled with the context of the advertisements so as to be
				  confusing or misleading.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-8 - Testimonials and statistics

Current through 2024-29, July 17, 2024
A. Testimonials
				used in advertisements must be genuine, represent the current opinion of the
				author, be applicable to the policy advertised and be accurately reproduced.
				The insurer, in using a testimonial, makes as its own all of the statements
				contained therein, and the advertisement including such statements is subject
				to all of the provisions of this Regulation.
B. An advertisement relating to the dollar
				amounts of claims paid, the number of persons insured, or similar statistical
				information relating to any insurer or policy shall not be used unless it
				accurately reflects all of the relevant facts. Such an advertisement shall not
				imply that such statistics are derived from the policy advertised unless such
				is the fact.
C. The identity of the
				insurer shall be made clear in all of its advertisements. An advertisement
				shall not use a trade name, service mark, slogan, symbol or other device which
				has the capacity and tendency to mislead or deceive as to the true identity of
				the insurer.
D. An advertisement of
				a particular policy shall not state or imply that prospective policyholders
				become group or quasi-group members and, as such, enjoy special rates or
				underwriting privileges, unless such is the fact.
E. An advertisement shall not state or imply
				that an insurer or a policy has been approved or an insurer's financial
				condition has been examined and found to be satisfactory by a governmental
				agency, unless such is the fact.
F.
				An advertisement shall not state or imply that an insurer or a policy has been
				approved or endorsed by an individual, group of individuals, society,
				association or other organization, unless such is the fact.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-9 - Service facilities

Current through 2024-29, July 17, 2024
An advertisement shall not contain untrue statements with
				  respect to the time within which claims are paid or statements which imply that
				  claim settlements will be liberal or generous beyond the terms of the
				  policy.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 140 - ADVERTISEMENT OF HEALTH INSURANCE › Section 031-140-10 - Statements about an insurer

Current through 2024-29, July 17, 2024
A. An advertisement
				shall not contain statements which are untrue in fact or by implication
				misleading with respect to the insurer's assets, corporate structure, financial
				standing, age or relative position in the insurance business.
B. An advertisement shall not directly or
				indirectly make unfair or incomplete comparisons of policies or benefits or
				otherwise falsely disparage competitors, their policies, services or business
				methods.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 160 - ELIGIBLE SURPLUS LINES INSURERS SUMMARY REQUIREMENTS FOR ELIGIBILITY STATUS TO TRANSACT "EXPORT LINES" OF INSURANCE REGARDING RISKS RESIDENT, LOCATED OR TO BE PERFORMED IN MAINE › Section 031-160-1 - AUTHORITY

Current through 2024-29, July 17, 2024
Title 24-A, M.R.S.A., Section 212 provides the authority
				  under which this regulation is promulgated.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 160 - ELIGIBLE SURPLUS LINES INSURERS SUMMARY REQUIREMENTS FOR ELIGIBILITY STATUS TO TRANSACT "EXPORT LINES" OF INSURANCE REGARDING RISKS RESIDENT, LOCATED OR TO BE PERFORMED IN MAINE › Section 031-160-2 - Provisions of regulation

Current through 2024-29, July 17, 2024
Pursuant to the foregoing and effective this date, applicants
				  seeking surplus lines eligibility to accept "export lines of insurance" on
				  risks resident to Maine shall comply with the provisions of applicable law and
				  this regulation.