For Benefits Compliance specific state updates for Maine click here.
BUREAU OF INSURANCE ISSUES BULLETIN ON AUTO INSURER PREMIUM REFUNDS
April 24, 2020
On April 15, 2020, the Maine Bureau of Insurance issued Bulletin 444 to property and casualty insurers and producers providing guidance on implementing premium reductions and refunds in compliance with Maine law, noting that carriers do not need to file rates to implement premium adjustments.
ME Bulletin 444
BUREAU OF INSURANCE ISSUES PRESS RELEASE OFFERING GUIDANCE ON TRAVEL INSURANCE AND COVID-19
May 08, 2020
On May 1, 2020, the Maine Bureau of Insurance issued a press release in which it provided guidance to policyholders with respect to coverage under travel insurance policies.
ME Press Release
BUREAU OF INSURANCE ISSUES BULLETIN REGARDING CREDIT REPORTING
June 01, 2020
On May 11, 2020, the Maine Bureau of Insurance issued Bulletin 448 encouraging insurers to waive the 12-month restriction for any policyholder requesting a rerating again based on changes in their consumer information due to the COVID-19 pandemic (i.e., changes in their credit score). The bulletin also reminds insurers of their obligations under the Fair Credit Reporting Act regarding frozen credit records.
ME Bulletin 448
BUREAU OF INSURANCE ISSUES BULLETIN EXTENDING GUIDANCE ON PREMIUM REDUCTIONS AND REFUNDS
September 04, 2020
On August 20, 2020, the Bureau of Insurance issued Bulletin 452 extending the prior guidelines concerning premium reductions and refunds in compliance with Maine law. The superintendent will not consider prospective reductions in premium, or refunds of premium made to accommodate COVID-19-related changes in exposure or risk profile, to be an unfairly discriminatory rating practice to the extent that they are reasonable and consistently applied.
ME Bulletin 452