The Maine Bureau of Insurance has issued Bulletin No. 415 regarding Property and Casualty Underwriting Guidelines.
This bulletin states that insurers must review their property and casualty filings and, if necessary, update these filings with any previously unfiled underwriting guidelines by December 31, 2016. The requirements to file will be ongoing for future filings as well.The Department has confirmed that this is not a line-specific requirement and the guidelines must be filed anytime a Company files rates or rating rules. Companies can assert confidentiality when filing their Underwriting Guidelines; however, they must be specific on the exact confidential information and provide support for confidential status. The Department has the right to determine if the guidelines can be held confidential. The Department has also advised that if a Company determines that the information in their rate and rule filing already includes all information in the Underwriting Guidelines, then nothing additional needs to be filed.
For more information about the Maine Bulletin or for compliance assistance, please contact Westmont Associates, Inc.