P&C Personal Inland Marine

Filing Review Requirements

Regulatory Reference or Source

Comments

FORMS

Applications

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.

Arbitration

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. 

Bankruptcy Provision

Bankruptcy of the Insured cannot relieve the company of their liability

Title 8, §4203

 

Cancellation & Non-renewal

Days' Notice and Cancellation/Nonrenewal Reasons

Title 8, § 3879 - 3883

15 days' notice for cancellation for non-pay. 
Policy can be cancelled for any reason within first 59 days - specific reasons required if in force 60 days or more. 
45 days' notice of non-renewal required.

Disclosure

Notice Requirements

Regulation 78-1 (1)

 

Insured must be given written notice when coverage has been modified or eliminated.

Filing Standards

Prior Approval

Regulation I-2010-03

Forms must be submitted at least 30 calendar days prior to their proposed effective date.

Fraud

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.

Liberalization Clause

Not required

 

 

Loss Settlement

Loss Settlement and Payment Conditions

Regulation 79-2; S6 (G)

 

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. 

Readability

Guidelines

Regulation I-2010-03

Flesh score minimum is 40, not less than 10 point type, one point leaded. 

RATING

Open Competition, Use and File

Title 8, §4688

Loss Costs -
Bulletin 99

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. 

Rating Plan Requirements

None specified