Maine Revised Statutes Title 24-A Sec. 2385-B – Disclosure of premium information
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes Title 24-A Sec. 2385-B
- 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
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
All policies issued to employers for workers’ compensation insurance must disclose clearly to the employer as separate figures the base rate and the employer’s experience modification factor. [PL 2001, c. 176, §1 (AMD).]
Upon request from an employer, when a policy is issued to an employer for workers’ compensation insurance, it must be accompanied by a statement disclosing the percentages of premium expended during the previous year by the insurer for claims paid, loss control and other administrative costs, medical provider expenses, insurer and employee attorney’s fees and private investigation costs. [PL 2001, c. 176, §1 (AMD).]
SECTION HISTORY
PL 1991, c. 885, §B12 (NEW). PL 1991, c. 885, §B13 (AFF). PL 2001, c. 176, §1 (AMD).