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Home > Agendas > 2006-2007 > P&FR > Bureau of Insurance

2006-2007 Regulatory Agendas

02-031
Bureau of Insurance

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: A consensus-based rule development within the meaning of 1999 P.L. c. 307 is being used in formulating proposed amendments to Rule Chapter 450.

EXPECTED 2006-2007 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 and other changes necessary to reflect current business practices.
ANTICIPATED SCHEDULE: Fall 2006
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: A consensus-based development process has being utilized to develop proposed amendments. The result of that process is now in the pre-proposal review process.
AFFECTED PARTIES: Workers’ Compensation Insurers, Employers

Property and Casualty Insurance

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: Pending
AFFECTED PARTIES: Disability insurers

Amendments to CHAPTER 420: Nursing Home Care Insurance and Long Term Care Insurance
STATUTORY AUTHORITY: 24-A M.R.S.A. §§ 212, 5052, 5053 and 5078
PURPOSE: to make amendments necessary to accommodate developing federal standards regarding long term care partnerships ANTICIPATED SCHEDULE: as necessary standards and requirements are clarified by the federal government. AFFECTED PARTIES: long term care insurers and customers

Amendments to Rule CHAPTER 750: Standardized Health Plans
STATUTORY AUTHORITY: 24 M.R.S.A. Chapter 19, and Title 24-A M.R.S.A. §§ 212, 2736-C(6)(F), 2736-C(8), 4222-A, and 4222-B
PURPOSE: to redesign standards for HMO plans in order to increase plan viability
ANTICIPATED SCHEDULE: Fall 2006
AFFECTED PARTIES: HMOs

NEW RULE: Coordination of Benefits
STATUTORY AUTHORITY: 24-A M.R.S.A. §§ 212 and 2844
PURPOSE: to adopt nationally uniform standards relating to coordination of benefits among multiple health plans under which persons have coverage.
ANTICIPATED SCHEDULE: as time permits
AFFECTED PARTIES: health carriers and plans

Miscellaneous

Amendments to CHAPTER 541: Educational Requirements for Insurance Professionals
STATUTORY AUTHORITY: 24-A M.R.S.A. §§ 212, 601(23), 1423(3)(A), 1483(2), and 1485
PURPOSE: to update in light of statutory changes and national uniformity initiatives
ANTICIPATED SCHEDULE: Fall 2006
AFFECTED PARTIES: Insurance producers

Amendments to CHAPTER 630: Rural Medical Access Program
STATUTORY AUTHORITY: 24-A M.R.S.A. §§ 212, 229(1) and 6311
PURPOSE: to reflect statutory changes enacted by 2005 PL c. 122
ANTICIPATED SCHEDULE: Pending
AFFECTED PARTIES: Physicians, Medical Mutual Insurance Company

Amendments to CHAPTER 740: Credit for Reinsurance
STATUTORY AUTHORITY: 24-A M.R.S.A. §731-B
PURPOSE: to modernize and conform to NAIC initiatives
ANTICIPATED SCHEDULE: Late 2006
AFFECTED PARTIES: Insurers

Amendments to CHAPTER 780: Actuarial Opinion and Memorandum
STATUTORY AUTHORITY: 24-A M.R.S.A. §§ 212 and 952-A
PURPOSE: to reflect recent amendments to the NAIC Actuarial Opinion and Memorandum Model Regulation
ANTICIPATED SCHEDULE: Pending
AFFECTED PARTIES: Life insurers, fraternal benefit societies

Proposed NEW RULE CHAPTER 917: Senior Protection in Annuity Transactions
STATUTORY AUTHORITY: 24-A M.R.S.A. §§ 212 and 2517
PURPOSE: to set forth standards and procedures for recommendations to senior consumers that result in a transaction involving annuity products so that the insurance needs and financial objectives of senior consumers at the time of the transaction are appropriately addressed.
ANTICIPATED SCHEDULE: Pending
AFFECTED PARTIES: Annuity underwriters, annuity producers

NEW RULE: Annuity Nonforfeiture
STATUTORY AUTHORITY: 24-A M.R.S.A. §§ 212 and 2544
PURPOSE: to adopt nationally uniform standards relating to minimum nonforfeiture values in individual deferred annuities
ANTICIPATED SCHEDULE: Summer 2007
AFFECTED PARTIES: life insurers

Proposed NEW RULE: Appointment Renewal Fees - Nonresident Individual Producers and Business Entities
STATUTORY AUTHORITY: 24-A M.R.S.A. §§ 212 and 601
PURPOSE: to establish the biennial appointment fee for nonresident insurance producers.
ANTICIPATED SCHEDULE: Late 2006
AFFECTED PARTIES: Nonresident insurance producers and business entities