Maine Revised Statutes Title 24-A Sec. 2304-B – Reference filings
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1. An insurer may satisfy its obligations to make rate filings by becoming a participating insurer of a licensed advisory organization that makes reference filings of advisory prospective loss costs and by authorizing the superintendent to accept reference filings on its behalf. The insurer’s rates are the prospective loss costs filed by the advisory organization that have been approved in accordance with section 2321?E combined with the modifications and expense and profit factors filed by the insurer.
[PL 1989, c. 797, §8 (NEW); PL 1989, c. 797, §§37, 38 (AFF).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2304-B
- Expense: means that portion of a rate attributable to acquisition, field supervision and collection expenses; general expenses; and taxes, licenses and fees. See Maine Revised Statutes Title 24-A Sec. 2302-A
- Prospective loss costs: means that portion of a rate that does not include provisions for expenses, other than loss adjustment expenses, or profit, and is based on historical aggregate losses and loss adjustment expenses adjusted through development to their ultimate value and projected through trending to a future point in time. See Maine Revised Statutes Title 24-A Sec. 2302-A
- Rate: means the cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost with an adjustment to account for the treatment of expenses, profit, and individual insurer variation in loss experience, prior to any application of individual risk variation based on loss or expense considerations, and not including minimum premium. See Maine Revised Statutes Title 24-A Sec. 2302-A
- Supporting information: means :
2. An insurer may request that its expense and profit factors and its loss cost modifications remain on file with the superintendent. Upon approval of an advisory organization loss cost reference filing, the insurer’s rates are the combination of the approved prospective loss costs and the insurer’s expense and profit factors and its loss cost modification filed with the superintendent.
[PL 1989, c. 797, §8 (NEW); PL 1989, c. 797, §§37, 38 (AFF).]
3. If an insurer has authorized an advisory organization to file prospective loss cost information on its behalf, the insurer must make a filing with the superintendent pursuant to section 2304?A if it intends to delay, modify or in any way not adopt an approved loss cost filing.
[PL 1989, c. 797, §8 (NEW); PL 1989, c. 797, §§37, 38 (AFF).]
4. An insurer’s expense and profit factors and loss cost modifications must remain in effect until the insurer withdraws or refiles new factors pursuant to section 2304?A. The superintendent may request that an insurer provide supporting information for the filed expense and profit factors and loss cost modifications at any time.
[PL 1989, c. 797, §8 (NEW); PL 1989, c. 797, §§37, 38 (AFF).]
SECTION HISTORY
PL 1989, c. 797, §§8,37,38 (NEW).