P&C Commercial Inland Marine
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Filing Review Requirements |
Regulatory Reference |
Comments |
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FORMS |
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Applications |
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No filing requirement for applications (unless made part of the policy) |
Title 8, §3541 and §4205 |
Incorrect statements on the application shall not bar the right to recovery unless it was meant to deceive or unless it materially affected either the acceptance of the risk or the hazard assumed by the insurer. |
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Arbitration |
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Cannot be both binding and mandatory |
Department requirement |
Binding arbitration is not permitted if the process can be demanded unilaterally, since it may deprive the insured of access to the court system. |
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Bankruptcy Provision |
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Bankruptcy of the Insured cannot relieve the company of their liability |
Title 8, §4203 |
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Cancellation & Non-renewal |
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Days' Notice and Cancellation/Nonrenewal Reasons |
Title 8, §4711 - 4715 |
15 days' notice for cancellation for non-pay. |
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Disclosure |
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Notice Requirements |
Regulation 78-1(1) |
Insured must be given written notice when coverage has been modified or eliminated. |
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Filing Standards |
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Prior Approval |
Regulation I-2010-03 |
Forms must be submitted at least 30 calendar days prior to their proposed effective date. |
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Fraud |
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Guidelines |
Title 8, §4205 and §4711 |
If a policy is obtained through fraud or material misrepresentation, that policy may be voided. If this occurs after the effective date, the company may only deny the claim on that basis, however, has grounds for cancellation. |
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Liberalization Clause |
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Not required |
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Loss Settlement |
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Loss Settlement and Payment Conditions |
Regulation 79-2; S6 |
The Insurer has 15 days to respond to a properly executed Proof of Loss. After Settlement has been agreed upon, Insurer shall mail in the agreed amount to the claimant and/or loss payee within 10 working days. |
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Readability |
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Guidelines |
Regulation I-2010-03 |
Flesh score minimum is 40, not less than 10 point type, one point leaded. |
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RATING |
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Open Competition, Use and File |
Title 8, §4688 |
Filing must be received within 15 days of effective date. Rate filing must include verifying material and actuarial backup. Rating guidelines and methodology need to be furnished for (a) rates. Simply stating that (a) rates applies is not acceptable. |
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Rating Plan Requirements |
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None specified |
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