The Maine Bureau of Insurance is announcing a pilot program for insurers who sell certain types of insurance in this state. The program is voluntary and is intended to expedite the processing of rate, rule and form filings.
The lines of insurance eligible for filing under this program are:
- Title insurance rates, rules, and forms;
- Mortgage Guaranty insurance rates, rules, and forms;
- Financial Guaranty insurance rates, rules, and forms;
- Kidnap and Ransom rates, rules, and forms;
- Surety Bond rates, rules, and forms;
- Credit Unemployment insurance rates, rules, and forms.
- Annuity forms;
- Disability Income forms and rates;
- Please note: Credit Disability Income insurance is not eligible for filing under this pilot program; and
- Disability Income rate changes applicable to in-force policies are not eligible for filing under this pilot program.
- Life insurance forms;
- Please note: Credit Life insurance is not eligible for filing under this pilot program.
At least 30 days prior to using any rate, rule, or form each entity must file, in the appropriate format, a Certification of Compliance with applicable Maine Laws, Rules, and Bulletins. Forms for use in this program are attached. Maine filing microfiche requirements must continue to be met. Participation in this pilot program by a filer includes implied permission for the Bureau to arrange for microfiche preparation with an outside vendor, who will bill the filer for microfiching services.
Entities wishing to make filings under this pilot program must submit three copies of the applicable Certification form along with one copy of the rates, rules, or forms being filed. A postage paid return envelope should also be included. Rates and rules may be filed in one filing. Forms must be filed separately. Filing fees must be included. Upon receipt of a filing, Bureau staff will acknowledge and return one copy of the Certification form to the filer. The filing will be effective on the date proposed by the filer, but no sooner than 30 days from the date received by the Bureau.
If it is determined at any time that a filing which has been made pursuant to this program is not in compliance with any Maine Insurance Law or Rule, the Bureau will impose all applicable sanctions made available in the Maine statutes pertaining to the business of insurance, or other laws which may include the imposition of fines and/or suspension or revocation of license.
The Pilot File and Use Program is available for use on 7/1/96. Participation in this pilot program will not prevent insurers from seeking full approval for products if they so desire. Questions about this Bulletin may be directed to the Property/Casualty Division or Life and Health Division as appropriate.
DATED: May 20, 1996 __________________________________________
BRIAN K. ATCHINSON
Superintendent of Insurance
NOTE: This Bulletin is intended solely for informational purposes. It is not intended to set forth legal rights, duties, or privileges. Nor is it intended to provide legal advice. Readers are encouraged to consult applicable statutes and regulations and to contact the Bureau of Insurance if additional information is needed.
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