Maine Revised Statutes Title 24-A Sec. 2383-A – Monitoring competition
Current as of: 2023 | Check for updates
|
Other versions
1. Monitoring. The superintendent shall monitor the degree of competition in the workers’ compensation insurance market. The superintendent shall utilize existing relevant information and analytical techniques and may cause or participate in the development of new relevant information, analytical techniques and other sources.
[PL 1991, c. 885, Pt. B, §12 (NEW); PL 1991, c. 885, Pt. B, §13 (AFF).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2383-A
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Rate: means the cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost with an adjustment to account for the treatment of expenses, profit, and individual insurer variation in loss experience, prior to any application of individual risk variation based on loss or expense considerations, and not including minimum premium. See Maine Revised Statutes Title 24-A Sec. 2302-A
2. Consideration of factors. The superintendent shall consider, in addition to any other relevant factors, the following:
A. The number of insurers actively engaged in providing coverage; [PL 1991, c. 885, Pt. B, §12 (NEW); PL 1991, c. 885, Pt. B, §13 (AFF).]
B. Market shares and changes in market shares; [PL 1991, c. 885, Pt. B, §12 (NEW); PL 1991, c. 885, Pt. B, §13 (AFF).]
C. Ease of entry and exit by insurers in and out of the workers’ compensation insurance market; and [PL 1991, c. 885, Pt. B, §12 (NEW); PL 1991, c. 885, Pt. B, §13 (AFF).]
D. Tests relating to market structure, market performance and market conduct. [PL 1991, c. 885, Pt. B, §12 (NEW); PL 1991, c. 885, Pt. B, §13 (AFF).]
[PL 1991, c. 885, Pt. B, §12 (NEW); PL 1991, c. 885, Pt. B, §13 (AFF).]
3. Degree of competition. The superintendent shall consider approved self-insured employers when evaluating the degree of competition in the insurance market. The superintendent shall report by November 1, 1994 and annually thereafter on the status of the market to the Governor and to the joint standing committee of the Legislature having jurisdiction over workers’ compensation insurance rate regulation matters.
[PL 1991, c. 885, Pt. B, §12 (NEW); PL 1991, c. 885, Pt. B, §13 (AFF).]
SECTION HISTORY
PL 1991, c. 885, §B12 (NEW). PL 1991, c. 885, §B13 (AFF).