Maine § 24-A §2382-D Uniform experience rating plan; merit rating plan

Maine Statutes

§ 24-A §2382-D — Uniform experience rating plan; merit rating plan

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 25 RATES AND RATING ORGANIZATIONS

1.Required contents. The experience rating plan required under section 2382‑C must contain:

2.Experience rating. The uniform experience rating plan must be the exclusive means for providing premium adjustments based on the past claim experience of an insured employer. The experience rating plan must provide that the claims experience for the 3 most recent years for which data is available be considered on the following bases.

3.Merit rating. If an insured is not eligible for the experience rating plan, a merit rating plan must be applied using the following guidelines.

4.Prior lost-time work-related injury. The experience rating or merit rating plan may not permit, in the calculation of experience modification factors, consideration of those lost-time claims attributable to work-relate

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1.
Required contents.
The experience rating plan required under section 2382‑C must contain:
2.
Experience rating.
The uniform experience rating plan must be the exclusive means for providing premium adjustments based on the past claim experience of an insured employer. The experience rating plan must provide that the claims experience for the 3 most recent years for which data is available be considered on the following bases.
3.
Merit rating.
If an insured is not eligible for the experience rating plan, a merit rating plan must be applied using the following guidelines.
4.
Prior lost-time work-related injury.
The experience rating or merit rating plan may not permit, in the calculation of experience modification factors, consideration of those lost-time claims attributable to work-related injuries that are aggravations of, or combine with, any prior lost-time work-related injury to produce incapacity. The superintendent shall adopt rules to protect employers from the impact of these subsequent injury claims and to equitably compensate insurers that provide coverage to these employers.
5.
Retrospective rating.
Nothing in this section prevents an insurer or an advisory organization from filing rating plans that provide for retrospective premium adjustments based on the insured's experience during the policy period. Except as provided in section 2386, subsection 8, in the voluntary market and the residual market retrospective rating plans must be voluntary and may not be used without the prior consent of the insured.
6.
Dividend plan.
Nothing in this section prohibits an insurer from developing and operating a dividend plan based on the loss experience of the insured.

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