reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  4-404 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 4 - Disclosure Requirements for Insurers|Section 4-404 - Disclosure of Medical Examination Results by Life Insurer

    If a life insurer denies a policy of life insurance to an applicant, the life insurer shall disclose the results of any medical examination administered to determine the applicant’s insurability to a physician of the applicant’s choice if the applicant so requests.
MD. Insurance Code Ann. §  4-406 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 4 - Disclosure Requirements for Insurers|Section 4-406 - Breach of the Security of a System

    (a)    (1)    In this section the following words have the meanings indicated.        (2)    “Breach of the security of a system” has the meaning stated in § 14–3504 of the Commercial Law Article.        (3)    “Carrier” means:            (i)    an insurer;            (ii)    a nonprofit health service plan;            (iii)    a health maintenance organization;            (iv)    a dental organization;            (v)    a managed care organization;            (vi)    a managed general agent; and            (vii)    a third party administrator.        (4)    “Personal information” has the meaning stated in § 14–3501 of the Commercial Law Article.    (b)    (1)    A carrier shall notify the Commissioner on a form and in a manner approved by the Commissioner that a breach of the security of a system has occurred if the carrier:            (i)    conducts an investigation required under § 14–3504(b) or (c) of the Commercial Law Article; and            (ii)    determines that the breach of the security of the system creates a likelihood that personal information has been or will be misused.        (2)    The carrier shall provide the notice required under paragraph (1) of this subsection at the same time the carrier provides notice to the Office of the Attorney General under § 14–3504(h) of the Commercial Law Article.    (c)    Compliance with this section does not relieve a carrier from a duty to comply with any other requirements of federal law or Title 14 of the Commercial Law Article relating to the protection and privacy of personal information.
MD. Insurance Code Ann. §  4-501 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 5 - Corporate Governance Annual Disclosure Act|Section 4-501 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Corporate Governance Annual Disclosure” or “CGAD” means a confidential report submitted by an insurer or the insurance group of which the insurer is a member in accordance with the requirements of this subtitle.    (c)    “Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in § 7–101 of this article.    (d)    (1)    “Insurer” includes:            (i)    each person engaged as indemnitor, surety, or contractor in the business of entering into insurance contracts;            (ii)    a nonprofit health service plan;            (iii)    a health maintenance organization;            (iv)    a dental plan organization; and            (v)    a managed care organization.        (2)    “Insurer” does not include an agency, an authority, or an instrumentality of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, a state, or a political subdivision of a state.    (e)    “NAIC” means the National Association of Insurance Commissioners.    (f)    “ORSA Summary Report” has the meaning stated in § 32–101 of this article.
MD. Insurance Code Ann. §  4-502 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 5 - Corporate Governance Annual Disclosure Act|Section 4-502 - Applicability and Construction of Subtitle

    (a)    The requirements of this subtitle apply only to insurers domiciled in this State.    (b)    Subject to subsection (c) of this section, this subtitle may not be construed to require or impose corporate governance standards and internal procedures beyond those which are required under the Corporations and Associations Article.    (c)    This subtitle may not be construed to limit the Commissioner’s authority, or the rights or obligations of a third–party under Title 2, Subtitle 2 of this article.
MD. Insurance Code Ann. §  4-504 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 5 - Corporate Governance Annual Disclosure Act|Section 4-504 - Discretion of Provider; Information Required

    (a)    (1)    Subject to paragraph (2) of this subsection, an insurer or the insurance group of which the insurer is a member shall have discretion over the responses to a CGAD inquiry.        (2)    The CGAD shall contain the material information necessary to permit the Commissioner to develop an understanding of the corporate governance structure, policies, and practices of the insurer or insurance group.    (b)    The Commissioner may request from an insurer or the insurance group of which the insurer is a member additional information that the Commissioner determines material and necessary.    (c)    The insurer or the insurance group of which the insurer is a member shall:        (1)    maintain documentation and supporting information; and        (2)    make the documentation and supporting information available to the Commissioner on examination or on request of the Commissioner.
MD. Insurance Code Ann. §  4-507 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 5 - Corporate Governance Annual Disclosure Act|Section 4-507 - Effect of Failure to Submit Cgad; Penalties

    (a)    Subject to § 2–210 of this article, an insurer that fails to timely submit a CGAD to the Commissioner as required by this subtitle and without just cause is subject to a penalty of $200 for each day the violation continues, up to a maximum of $25,000.    (b)    The Commissioner may reduce a penalty imposed on an insurer under subsection (a) of this section if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.    (c)    This section does not limit the authority of the Commissioner to take any other action authorized by this article.
MD. Insurance Code Ann. §  4-508 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 5 - Corporate Governance Annual Disclosure Act|Section 4-508 - Regulations

    The Commissioner may adopt regulations to carry out this subtitle.
MD. Insurance Code Ann. §  4-509 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 5 - Corporate Governance Annual Disclosure Act|Section 4-509 - Short Title

    This subtitle may be cited as the Corporate Governance Annual Disclosure Act.
MD. Insurance Code Ann. §  5-102 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 1 - Assets and Liabilities|Section 5-102 - Assets Not Admitted

    (a)    Notwithstanding § 5-101 of this subtitle, in determining the financial condition of an insurer, the following expressly are not allowed as admitted assets:        (1)    organizational expenses, trade names, and other similar intangible assets;        (2)    except for policy loans, a secured or unsecured advance to an officer of the insurer;        (3)    an advance given only on personal security to an employee or insurance producer of the insurer or to another person;        (4)    stock of the insurer owned by it, any material interest in the stock of the insurer, any loan that is secured by the stock of the insurer, or any material proportionate interest in the stock of the insurer acquired or held through the insurer’s ownership of an interest in another firm, corporation, or business unit;        (5)    except for electronic data processing equipment and operating system software allowed as admitted assets under § 5-101(a)(11) of this subtitle, fixtures, furniture, furnishings, libraries, safes, stationery, supplies, and vehicles; and        (6)    the amount, if any, by which the aggregate book value of investments carried in the ledger assets of the insurer exceeds the amount deemed collectible or the aggregate value of those investments as determined under this article.    (b)    Notwithstanding subsection (a) of this section, a bona fide mortgage loan to an officer or employee of the insurer may be allowed as an admitted asset if the loan:        (1)    is approved and ratified by the board of directors of the insurer;        (2)    is secured by a first mortgage on a principal residence of an officer or employee; and        (3)    does not exceed the amount allowed for any other mortgage investment under § 5-511(g) of this title.
MD. Insurance Code Ann. §  5-103 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 1 - Assets and Liabilities|Section 5-103 - Liabilities

    In determining the financial condition of an insurer, capital stock and liabilities to be charged against the insurer’s assets include:         (1)    the amount of any capital stock outstanding;        (2)    the amount, estimated in accordance with this article, that is needed to pay:            (i)    all of the insurer’s reported or unreported losses and claims incurred on or before the date of the annual statement required under this article; and            (ii)    the expenses of adjustment or settlement of those losses and claims;        (3)    any additional reserves that the Commissioner reasonably requires for a specific kind of insurance;        (4)    taxes, expenses, and other obligations that are due or accrued at the date of the annual statement required under this article;        (5)    as to life insurance and disability insurance and annuity contracts:            (i)    reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and applicable methods adopted under this article;            (ii)    reserves for disability benefits for active and disabled lives;            (iii)    reserves for accidental death benefits;            (iv)    reserves for additional benefits that provide long-term home health care and long-term care in a nursing home or other related institution; and            (v)    any additional reserves that the Commissioner reasonably requires; and        (6)    as to insurance other than as specified in item (5) of this section, the amount of reserves equal to the unearned parts of the gross premiums charged on policies in force, computed in accordance with this article.
MD. Insurance Code Ann. §  5-202 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 2 - Reserves|Section 5-202 - Inadequate Reserves of Insurer

    (a)    If the Commissioner determines that an insurer’s unearned premium reserve is inadequate, the Commissioner may require the insurer to increase the unearned premium reserve and maintain it at an adequate level.    (b)    If the Commissioner determines that an insurer’s loss reserves are inadequate as shown by the insurer’s loss experience, the Commissioner shall require the insurer to increase the reserves and maintain them at an adequate level.
MD. Insurance Code Ann. §  5-203 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 2 - Reserves|Section 5-203 - Active Life Reserves for Health Insurance Policies

    (a)    An insurer shall maintain active life reserves for all health insurance policies.    (b)    The active life reserves:        (1)    shall place a sound value on the insurer’s liabilities under the health insurance policies;        (2)    may not be less than the reserves required by the appropriate standards set forth in regulations that the Commissioner adopts; and        (3)    in the aggregate, may not be less than the pro rata gross unearned premiums for the health insurance policies.
MD. Insurance Code Ann. §  5-205 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 2 - Reserves|Section 5-205 - Unearned Premium Reserves for Property, General Casualty, and Surety Insurance Policies

    (a)    Except as provided in subsection (e) of this section, each insurer shall maintain unearned premium reserves on all policies in force with respect to:        (1)    insurance against loss or damage to property;        (2)    general casualty insurance; and        (3)    surety insurance.    (b)    The Commissioner may require that, after deducting reinsurance ceded to solvent insurers in the manner provided in this article, the reserves equal the unearned parts of the gross premiums in force that are computed on each respective risk from the policy’s date of issue.    (c)    Reserves under this section shall be computed:        (1)    at the option of the insurer, on a daily pro rata basis or a monthly pro rata basis if the insurance risk does not vary significantly during the contract period; or        (2)    over the period of risk in proportion to the amount of insurance protection provided if the period of risk differs significantly from the contract period.    (d)    After adopting a method for computing reserves, an insurer may change the method only with the approval of the Commissioner or the insurance supervisory official of the insurer’s domicile.    (e)    (1)    A marine insurance premium on a trip risk not terminated is considered unearned.        (2)    The Commissioner may require an insurer to carry reserves for unearned premiums equal to 100% on trip risks written during the month ended as of the date of the insurer’s annual statement required by this article.
MD. Insurance Code Ann. §  5-206 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 2 - Reserves|Section 5-206 - Guaranty Fund or Unearned Premium Reserves for Title Insurance Contracts

    (a)    (1)    In this section, “risk premiums” means the amount charged for the assumption of risk.        (2)    “Risk premiums” includes title insurance producer commissions.        (3)    “Risk premiums” does not include charges for services rendered in the preparation of documents, searching, underwriting, recording of documents, or closing of a risk.    (b)    In addition to adequate reserves required by § 5–103 of this title for outstanding losses, a title insurer domiciled in the State shall maintain a statutory reserve or unearned premium reserve of at least an amount computed as follows:        (1)    8% of the total amount of the risk premiums written in the calendar year for the retained liability for title insurance contracts shall be as assigned originally to the reserves; and        (2)    during each of the 20 years that follow the year in which the contract is issued, the reserves applicable to the contract shall be reduced in equal 12–month installments in accordance with the following formula:            (i)    35% of the aggregate sum in the year succeeding the year of addition;            (ii)    15% of the aggregate sum in each of the succeeding 2 years;            (iii)    10% of the aggregate sum in the succeeding year;            (iv)    3% of the aggregate sum in each of the succeeding 3 years;            (v)    2% of the aggregate sum in each of the succeeding 3 years; and            (vi)    1% of the aggregate sum in each of the succeeding 10 years.    (c)    (1)    Each title insurer shall file with its annual statement required under § 4–116 of this article a certification by a member in good standing of the Casualty Actuarial Society, or a member in good standing of the American Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries, as to the adequacy of its reserves required under this section and § 5–103 of this title.        (2)    The actuarial certification required of a title insurer must conform to the National Association of Insurance Commissioners’ annual statement instructions for title insurers.    (d)    (1)    Unearned premium reserves may not be released under subsection (a) of this section to the extent that the release would result in the aggregate reserve falling below the amount required under this section and § 5–103 of this title.        (2)    Any amount of unearned premium reserves that may not be released under paragraph (1) of this subsection shall be considered an unearned premium reserve and may not be considered a supplemental reserve.
MD. Insurance Code Ann. §  5-301 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-301 - Definitions

    (a)    In this  subtitle the following words have the meanings indicated.    (b)    “Accident and health insurance contract” has the meaning stated in § 5–201.1(a) of this title.    (c)    “Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare an opinion required by § 5–201.1 of this title.    (d)    “Company” has the meaning stated in § 5–201.1(a) of this title.    (e)    “Deposit–type contract” has the meaning stated in § 5–201.1(a) of this title.    (f)    “Life insurance policy” has the meaning stated in § 5–201.1(a) of this title.    (g)    “NAIC” means the National Association of Insurance Commissioners.    (h)    “Operative date of the valuation manual” has the meaning stated in § 5–201.1(a) of this title.    (i)    (1)    “Policyholder behavior” means any action a policyholder, contract holder, or any other person with the right to elect options, including a certificate holder, may take under a life insurance policy, an accident and health insurance contract, or a deposit–type contract issued on or after the operative date of the valuation manual.        (2)    “Policyholder behavior” includes behavior relating to lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization,  or benefit elections prescribed by a life insurance policy, an accident and health insurance contract, or a deposit–type contract issued on or after the operative date of the valuation manual.        (3)    “Policyholder behavior” does not include an event of mortality or morbidity that results in benefits prescribed in their essential aspects by the terms of a life insurance policy, an accident and health insurance contract, or a deposit–type contract issued on or after the operative date of the valuation manual.    (j)    “Principle–based valuation” means a reserve valuation that:        (1)    uses one or more methods or one or more assumptions determined by a company; and        (2)    meets the requirements of § 5–314 of this subtitle.    (k)    “Qualified actuary” has the meaning stated in § 5–201.1(a) of this title.    (l)    “Tail risk” means a risk that occurs when:        (1)    the frequency of low probability events is higher than expected under a normal probability distribution; or        (2)    events of very significant size or magnitude are observed.    (m)    “Valuation manual” has the meaning stated in § 5–201.1(a) of this title.
MD. Insurance Code Ann. §  5-301.1 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-301.1 - Valuation of Reserves Required

    (a)    (1)    (i)    Subject to subparagraph (ii) of this paragraph, the Commissioner annually shall value or cause to be valued the reserves for all outstanding life insurance policies, annuity contracts, and pure endowment contracts issued by each life insurer doing business in the State before the operative date of the valuation manual.            (ii)    For an alien insurer, the valuation required by this subsection shall be limited to the alien insurer’s United States business.        (2)    To calculate reserves under this subsection, the Commissioner may use group methods and approximate averages for fractions of a year or otherwise.        (3)    For a foreign insurer or alien insurer, instead of the valuation of reserves required by paragraph (1) of this subsection, the Commissioner may accept a valuation made or caused to be made by the insurance supervisory official of another state or other jurisdiction if the valuation complies with the minimum standard under this subtitle.        (4)    Subject to the approval of the Commissioner, an insurer that has adopted a standard of valuation producing greater aggregate reserves than the aggregate reserves calculated under the minimum standard provided in this subtitle may adopt a lower standard of valuation if it is not lower than the minimum standard provided in this subtitle.    (b)    (1)    The Commissioner annually shall value or cause to be valued the reserves for all outstanding life insurance policies, accident and health insurance contracts, and deposit–type contracts issued by a company on or after the operative date of the valuation manual.        (2)    For a foreign company or an alien company, instead of the valuation of reserves required by paragraph (1) of this subsection, the Commissioner may accept a valuation made or caused to be made by the insurance supervisory official of another state if the valuation complies with the minimum standard under this subtitle.
MD. Insurance Code Ann. §  5-302 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-302 - Policies and Contracts Issued Before Operative Date of Standard Nonforfeiture Law

    Except as otherwise provided in §§ 5-305 and 5-306 of this subtitle, the minimum standard for the valuation of a policy or contract issued before the operative date of the Maryland Standard Nonforfeiture Law for Life Insurance is the minimum standard provided by former Article 48A, § 83(2) of the Code in effect on September 30, 1997.
MD. Insurance Code Ann. §  5-303 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-303 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Scope

    (a)    Except as otherwise provided in §§ 5–305 and 5–306 of this subtitle for group annuity contracts and pure endowment contracts issued before the operative date of the Maryland Standard Nonforfeiture Law for Life Insurance:        (1)    §§ 5–304 through 5–312 of this subtitle apply only to policies and contracts, as appropriate, issued on or after that operative date and before the operative date of the valuation manual; and        (2)    §§ 5–313 and 5–314 of this subtitle do not apply to the policies and contracts.    (b)    Sections 5–313 and 5–314 of this subtitle apply to all life insurance policies, accident and health insurance contracts, and deposit–type contracts issued by a company on or after the operative date of the valuation manual.