Maine Bureau of Insurance Issues Bulletin 452 Indefinitely Extending Guidelines on COVID-19 Premium-Refunds

Maine Bureau of Insurance Issues Bulletin 452 Indefinitely Extending Guidelines on COVID-19 Premium-Refunds

 

On August 20th, the Maine Bureau of Insurance (Bureau) issued Bulletin 452 (link below), which supersedes Bulletin 444, that indefinitely extends the guidelines on COVID-19 premium refunds. The bulletin applies to all property casualty insurers, producers with property or casualty authority, surplus lines insurers, and surplus lines brokers. Maine law (24-A M.R.S. §§ 2304-A and 2412) generally requires insurers to file all rates and forms with the Bureau before implementing changes. However, these requirements could slow much-needed relief for insureds. Therefore, the Superintendent will only require insurers that plan to implement COVID-19-related premium reductions or refunds to file either a rate or a form that is sufficient to notify the Superintendent of the adjustment. Insurers do not need to file these rates and forms before implementing a premium adjustment. Rates and/or forms can be submitted to the Superintendent within a reasonable time and will be handled in an expedited manner. An insurer that uses a form filing to apprise the Superintendent of a premium reduction need not file a corresponding rate filing. Rates, however, may not be unfairly discriminatory and insurers should apply refunds consistently and fairly.

 

Any questions regarding Bulletin 452  should be directed to the Bureau’s Property & Casualty Division.

 

Link to Bulletin