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IN RE:
PRINCIPAL MUTUAL LIFE INSURANCE
COMPANY
DOCKET NO. MCINS 98-25
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CONSENT
AGREEMENT


INTRODUCTION

This document is a consent agreement, authorized by 5 M.R.S.A. § 9053(2) entered into by and among Principal Mutual Life Insurance Company (hereafter also "Principal") and the Superintendent of the Maine Bureau of Insurance (hereafter the "Superintendent"). Its purpose is to resolve, without resort to an adjudicatory proceeding, violations of the Insurance Code discussed below.

FACTS

The parties to this Consent Agreement stipulate to the following facts:

1. Principal Mutual Life Insurance Company has been licensed as a Maine Authorized Life and Health Insurer, Licensee #LHF406, since August 6, 1956.

2. The Superintendent of Insurance is the official charged with administering and enforcing Maine's insurance laws and regulations.

3. Rule Chapter 275, Section 13(C) requires "an issuer of Medicare supplement policies in this State to file annually its rates" for approval by the Superintendent.

4. On March 6, 1998, Bureau Life & Health Senior Insurance Analyst, Marti Hooper wrote to Principal inquiring as to the last rate filing submitted for Medicare supplements and mentioned the annual filing requirement.

5. On March 16, 1998, Principal wrote to Mrs. Hooper confirming that the last rate filing for Medicare supplements was approved February 10, 1997. Ms. McCauley also mentioned that work on the current rate filing for 1998 was in progress but not complete.

6. As of May 29, 1998, Principal has not submitted the annual Medicare supplement rate filing.

CONCLUSIONS OF LAW

7. Principal acknowledges its failure to file annual Medicare supplement rates with the Superintendent within the statutorily mandated time period as required by Rule Chapter, Section 13(C).

COVENANTS

8. A formal hearing in this matter is waived and no appeal will be made.

9. At the time of executing this Agreement, Principal will pay to the Maine Bureau of Insurance a penalty in the amount of five hundred dollars ($500) payable to the Treasurer of the State of Maine.

10. At the time of executing this Agreement, Principal will provide the annual rate filing required by Rule Chapter 275 as required in paragraph 3.

11. In consideration of Principal's execution of and compliance with the terms of this Consent Agreement, the State of Maine agrees to forgo pursuing any disciplinary measures or other civil sanction for the actions described above other than those agreed to in this Consent Agreement.

MISCELLANEOUS

12. This Consent Agreement may only be modified by the written consent of the parties.

13. Principal acknowledges that this Consent Agreement is a public record within the meaning of 1 M.R.S.A. § 402 and will be available for public inspection and copying as provided for by 1 M.R.S.A. § 408.


FOR PRINCIPAL MUTUAL LIFE
INSURANCE COMPANY
Dated: _____________, 1998 By: __________________________________
Signature
For:

_____________________________
Typed Name

_____________________________
Typed Title

Subscribed and Sworn to before me

this _______ day of ________, 1998.

___________________________________
Notary Public

FOR THE MAINE
BUREAU OF INSURANCE
Dated: _____________, 1998 _______________________________
Alessandro A. Iuppa
Superintendent of Insurance

STATE OF MAINE
KENNEBEC, SS.

Subscribed and sworn to before me
this ____________ day of ____________, 1998.

_________________________________
Notary Public/Attorney-at-Law

FOR THE MAINE
ATTORNEY GENERAL

Dated: _____________, 1998

_________________________________
Judith Shaw Chamberlain
Assistant Attorney General

STATE OF MAINE
KENNEBEC, SS.

Subscribed and sworn to before me

this ____________ day of ____________, 1998.

___________________________________
Notary Public/Attorney-at-Law


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Last Updated: October 22, 2013