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02-031
Bureau of Insurance
2002-2003 Regulatory Agenda

AGENCY UMBRELLA-UNIT NUMBER: 02-031
AGENCY NAME: Department of Professional and Financial Regulation, Bureau of Insurance

CONTACT PERSON: Thomas M. Record, Esq., Senior Staff Attorney, 34 State House Station, Augusta, ME 04333-0034. Tel: (207) 624-8424

EMERGENCY RULES ADOPTED SINCE THE LAST REGULATORY AGENDA: None

CONSENSUS-BASED RULE DEVELOPMENT: It is not anticipated that consensus-based rule development within the meaning of 1999 P.L. c. 307 will be used in formulating any of the proposals listed below.

EXPECTED 2002-2003 RULEMAKING ACTIVITY:

Workers' Compensation Insurance

CHAPTER 250: Workers' Compensation Self-Insurance
STATUTORY AUTHORITY: 24-A M.R.S.A. §212 and 39-A M.R.S.A. §403
PURPOSE: to amend current rule to reflect a recent statutory change relating to the working capital offset provision for security calculations.
ANTICIPATED SCHEDULE: July 2003
AFFECTED PARTIES: Workers Compensation Self-Insurers

CHAPTER 450: Workers' Compensation Experience Rating
STATUTORY AUTHORITY: 24-A M.R.S.A. §§212 and 2382-D(4)
PURPOSE: to amend current rule to include adjustment to the experience rating plan to exclude consideration of lost-time claims attributable to injuries that are aggravations, or combine with prior lost-time claims.
ANTICIPATED SCHEDULE: November 2002
AFFECTED PARTIES: Workers' Compensation Insurers, Employers

Property and Casualty Insurance

NEW RULE: Consumer Credit Insurance Policies
STATUTORY AUTHORITY: 24-A M.R.S.A §2865
PURPOSE: To establish specific requirements and rating standards for consumer credit insurance policies
ANTICIPATED SCHEDULE: July 2003
AFFECTED PARTIES: Property and casualty insurers that issue credit insurance policies; consumers.

Health Insurance

Amendments to CHAPTER 130: Minimum Reserve Standards for Individual and Group Health Insurance Contracts
STATUTORY AUTHORITY: 24-A M.R.S.A. §§212 and 925
PURPOSE: to update current rule to reflect revised disability insurance actuarial tables and recent amendments to the NAIC Model Rule.
ANTICIPATED SCHEDULE: November 2002
AFFECTED PARTIES: Disability insurers

CHAPTER 220: Credit Life and Health Insurance
STATUTORY AUTHORITY: 24-A M.R.S.A. Chapter 37
PURPOSE: To amend current rule to clarify procedures for rate deviations and refund calculations and to specify what constitutes "premiums" for purposes of determining the maximum permissible commission level
ANTICIPATED SCHEDULE: October 2002
AFFECTED PARTIES: Consumers who purchase credit insurance, credit life and health insurers

CHAPTER 360: Requirements Applicable to Preferred Provider Arrangements
STATUTORY AUTHORITY: 24-A M.R.S.A. §2673-A (3)
PURPOSE: To make the rule consistent with the enactment of 2000 Public Law c. 609 (An Act to Update and Amend the Preferred Provider Arrangement Act) and 2001 Public Law c. 369, (An Act to Create an Alliance for the Purpose of Purchasing Health Insurance).
ANTICIPATED SCHEDULE: Pending
AFFECTED PARTIES: Preferred Provider Arrangements.

CHAPTER 425: Nursing Home Care Insurance and Long Term Care Insurance
STATUTORY AUTHORITY: 24-A M.R.S.A. §§505 and 5053
PURPOSE: to update in light of NAIC Model Regulation requirements relating to nonforfeiture values and other standards as required by 1999 PL chapters 292 and 521 and to reflect the need to establish standards for tax qualified policies pursuant to 2001 PL chapter 679.
ANTICIPATED SCHEDULE: September2002
AFFECTED PARTIES: General public and long term care insurers and updates should encourage products to be more attractive and desirable

NEW RULE: Individual Accident and Sickness Insurance- Minimum Standards
STATUTORY AUTHORITY: 2001 Public Law c. 258
PURPOSE: to adopt the NAIC Model Regulation to Implement the Accident and Sickness Insurance Minimum Standards Model Act
ANTICIPATED SCHEDULE: September 2002
AFFECTED PARTIES: Health Insurers

Miscellaneous

CHAPTER 230: Requirements for a Certificate of Authority
STATUTORY AUTHORITY: 24-A M.R.S.A. §212
PURPOSE: to implement clarifying changes recommended during Rule Review Process and other miscellaneous changes
ANTICIPATED SCHEDULE: August 2002
AFFECTED PARTIES: Applicants for authority to transact insurance

CHAPTER 740: Credit for Reinsurance
STATUTORY AUTHORITY: 24-A M.R.S.A. §731-B
PURPOSE: to reflects statutory changes enacted by 2001 P.L. c. 47
ANTICIPATED SCHEDULE: October 2002
AFFECTED PARTIES: Insurers and Companies writing Reinsurance

NEW RULE: Chapter 980: Standards for Safeguarding Consumer Information
Statutory Authority: 24-A M.R.S.A. §212 and 2220, 15 U.S.C. §§6801(b) and 6805(b)(2)
PURPOSE: to establish standards for developing and implementing administrative, technical and physical safeguards to protect the security, confidentiality and integrity of consumer information
ANTICIPATED SCHEDULE: as determined necessary
AFFECTED PARTIES: Insurers

NEW RULE: Privacy
STATUTORY AUTHORITY: 24-A M.R.S.A. §2220
PURPOSE: to carry out the purposes of the Insurance Information and Privacy Act
ANTICIPATED SCHEDULE: as determined necessary
AFFECTED PARTIES: Insurers, Insurance Consumers

NEW RULE: Annuity Disclosure
STATUTORY AUTHORITY: 24-A M.R.S.A. §212, 2151-B AND 2152
PURPOSE: to require disclosure of information to assist consumers in purchasing annuities
ANTICIPATED SCHEDULE: August 2003
AFFECTED PARTIES: Insurers that issue annuities, Consumers

NEW RULE: CPA Audits
STATUTORY AUTHORITY: 24-A M.R.S.A. §§212 and 221-A
PURPOSE: to administer the provisions of §221-A in a manner clearly consistent with the NAIC Model Audit Regulation as recently amended. The NAIC Model Audit Regulation as amended will become an accreditation standard in 2004.
ANTICIPATED SCHEDULE: December 2002
AFFECTED PARTIES: Insurers


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