Insurance Bureau Updates Self-Insurance and Reinsurance Acceptance Standards

The Maine Bureau of Insurance has adopted rules that upgrade its standards for acceptance of reinsurance and workers' comp self-insurance, according to a notice of rule-making posted Wednesday. The bureau said in a notice of rulemaking that it updated Rule 730 "to conform to standards generally applicable to insurers and reinsurers." One change is a new requirement that letters of credit or trust instruments name or expressly specify that the beneficiaries include all reinsured employers and groups with workers' compensation self-insurance risks in Maine. Another amendment...