reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.15 - Antifraud Plans › Section 31.04.15.04 - Procedures and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Antifraud Plan.
(1) This section does not apply to an insurer that has filed an antifraud plan with the Administration, and the plan has been approved by the Commissioner.
(2) An insurer authorized to write insurance business that has in force policies or certificates of insurance in this State shall institute, implement, and maintain an insurance antifraud plan.
(3) An insurer shall submit an antifraud plan within 90 days of the insurer issuing or delivering a policy or certificate of insurance in the State.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.15 - Antifraud Plans › Section 31.04.15.05 - Plan Components

Current through Register Vol. 51, No. 14, July 12, 2024
A. Education/Training.
(1) An antifraud plan shall contain procedures for the provision of education or training, or both, to the insurer's employees regarding the detection of insurance fraud.
(2) Training in the recognition and referral of suspicious claims shall be:
(a) Required of new and existing claims personnel, underwriters, auditors, insurance producers, and consumer service personnel; and
(b) Offered to independent insurance producers who have appointments with the company.
(3) At a minimum, the educational components of antifraud plans shall address the following:
(a) Courses of instruction shall be:
(i) Designed to address specific aspects of fraud associated with a company's product line, and
(ii) At least 2 hours in duration;
(b) Personnel shall be presented with updated material at the entrance level and at least once every 2 years in conjunction with continuing education standards or as a company policy;
(c) A new employee shall receive the regulated education and training regarding the detection of fraud within 6 months of the effective date of employment; and
(d) Training programs may be developed and conducted either by internal personnel or by outside contractors.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.15 - Antifraud Plans › Section 31.04.15.06 - Reporting of Fraud-Related Data

Current through Register Vol. 51, No. 14, July 12, 2024
A. An insurer shall maintain appropriate records for the Commissioner to determine the effectiveness of its antifraud plan.
B. A report shall be developed and provided to the Administration on an annual basis regarding the plan's effectiveness and the effectiveness of the investigative and prosecutorial efforts.
C. The report shall be filed with the Administration by March 31 of each year, reporting the previous year's statistics. The report shall be limited to Maryland data. The following information shall be reported:
(1) Number of policies in force;
(2) Number of claims;
(3) Number of suspected fraud cases;
(4) Number of suspected fraud cases in which a claim was denied;
(5) Number of suspected fraud cases reported to the authorities;
(6) Number of suspected fraud cases by product line;
(7) Number of suspected fraud cases in which a claim was denied, by product line;
(8) Number of cases prosecuted by criminal authorities; and
(9) Breakdown by perpetrator, as follows:
(a) Insured,
(b) Claimant,
(c) Insurance producer/employee,
(d) Noninsurance professional, by category, and
(e) Other.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.16 - Filing of Underwriting Standards › Section 31.04.16.01 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter applies to every insurer authorized to issue insurance policies which provide health, life, disability, property, or casualty coverage in this State and to insurers applying to engage in these kinds of insurance businesses in this State.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.16 - Filing of Underwriting Standards › Section 31.04.16.02 - Definition

Current through Register Vol. 51, No. 14, July 12, 2024
"Underwriting standards" means underwriting manuals, including any amendments or supplements to underwriting manuals, and those generally accepted practices of the insurer contained in written underwriting instructions, guidelines, and rules furnished by the insurer for use by its underwriters and insurance producers as standards for acceptance of risks.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.16 - Filing of Underwriting Standards › Section 31.04.16.03 - Filing Underwriting Standards

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Commissioner may require an insurer to file its underwriting standards, or any portion of its underwriting standards pertaining to specific subjects.
B. The insurer shall provide the Commissioner with the information requested within 30 days after receipt of the Commissioner's request.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.16 - Filing of Underwriting Standards › Section 31.04.16.04 - Confidentiality

Current through Register Vol. 51, No. 14, July 12, 2024
When responding to the Commissioner, an insurer may request a finding that all or certain portions of its underwriting standards shall be considered confidential commercial information under State Government Article, §
									10-617(d), Annotated Code of Maryland. An insurer making this request shall state the reasons for considering the material confidential commercial information. The information furnished shall be regarded as confidential until the Commissioner rules otherwise.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.16 - Filing of Underwriting Standards › Section 31.04.16.05 - Record Retention

Current through Register Vol. 51, No. 14, July 12, 2024
An insurer shall retain for a period of at least 3 years all records pertaining to the establishment, implementation, and enforcement of its underwriting standards.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.01 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
The submission of any form required to be filed under Insurance Article, §§
									8-433(a),  12-203,  13-110(a),  14-109(3)(iv),  14-110(a)(2)(iii),  14-126,  14-405(b)(8)  and (9), or 14-410(c), Annotated Code of Maryland as amended to date, shall be in compliance with the regulations in this chapter, except to the extent that a regulation or portion of a regulation is not applicable to a particular form.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Carrier" means:
(a) An insurer;
(b) A nonprofit health service plan;
(c) A dental plan organization; or
(d) A fraternal benefit society.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.03 - Filing of Forms for Approval

Current through Register Vol. 51, No. 14, July 12, 2024
A. Duplicate Forms Required For Nonelectronic Form Submissions.
(1) A carrier shall submit duplicate copies of each form the carrier intends to use in Maryland to the Commissioner for approval.
(2) If the Commissioner approves the form submitted by or on behalf of the carrier, the Commissioner shall:
(a) Retain one copy; and
(b) Return to the carrier one copy, with an appropriate notation indicating approval.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.04 - Variable Materials, Insert Pages, and Contracts Comprised of Sections

Current through Register Vol. 51, No. 14, July 12, 2024
A. Variable Information.
(1) Individual Contracts.
(a) Except as specified in §A(1)(b) of this regulation, a carrier may not include variable material in an individual contract, or in a form to be used with an individual contract.
(b) A carrier may include variable material in an individual contract or in a form to be used with an individual contract in the following portions of the form:
(i) The specifications, data, or schedule page;
(ii) The product marketing name;
(iii) The address of the carrier;
(iv) Signatures of officers of the carrier;
(v) Descriptions of copayment amounts, deductibles, coinsurance amounts, out-of-pocket limits, annual maximums, or lifetime maximums;
(vi) Specific dates, such as effective dates and termination dates; and
(vii) Descriptions of benefit amounts, benefit limits, waiting periods or elimination periods.
(c) If an individual contract or a form to be used with an individual contract contains variable material as permitted under §A(1)(b) of this regulation, the carrier shall:
(i) Bracket the variable material or otherwise mark the variable material to denote variability; and
(ii) Include a statement of variability, in duplicate, that discusses how each variable item may change.
(d) After an individual contract or a form to be used with an individual contract is approved with variable material, a carrier may not submit a new statement of variability to be used with the previously approved individual contract or form, except for the following:
(i) Copayment amounts;
(ii) Coinsurance amounts;
(iii) Deductible amounts;
(iv) Out-of-pocket limits;
(v) Annual maximums;
(vi) Lifetime maximums;
(vii) Benefit amounts;
(viii) Benefit limits;
(ix) Waiting periods; or
(x) Elimination periods.
(e) A carrier shall include the following with a new statement of variability filing for a previously approved individual contract or form:
(i) A cover letter identifying the carrier and the carrier's National Association of Insurance Commissioners company code number; and
(ii) The form number and date of approval of the form for which new variable material is being submitted.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.05 - Failure to Respond to the Commissioner's Correspondence

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Commissioner shall deem a filing withdrawn by the carrier if the carrier fails to respond to correspondence from the Commissioner regarding the filing within 90 days of the date of the correspondence from the Commissioner.
B. If a carrier resubmits a form for approval after 90 days of the date of the Commissioner's correspondence regarding the filing in which the form was included, the carrier shall:
(1) Include a new filing fee for the form and associated premium rates included in the filing; and
(2) Include in the filing all the information required in Regulation .03 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.06 - Contents of Application Forms

Current through Register Vol. 51, No. 14, July 12, 2024
A. An application form shall stipulate the plan and amount of insurance and any added optional benefits being applied for.
B. If the carrier uses an application form which contains language substantially as follows, "Except that no change in amount, classification, plan of insurance or benefits shall be effective unless agreed to in writing by the applicant", with an additional statement that this exception is effective only in certain states, the form shall specifically name Maryland as one of the states in which the exception is effective.
C. If an application inquires about the applicant's participation in "hazardous activities", the application shall list the activities that are considered to be "hazardous".
D. If an application inquires about the applicant's use of "other habit-forming drugs", the application shall list the specific drugs that are considered "habit-forming".
E. If an application contains questions regarding past or present health conditions:
(1) The questions shall be asked to the best of the applicant's knowledge and belief; or
(2) The application shall include a statement that all of the answers provided are representations and are not warranties.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.07 - Advertising Material Within a Form

Current through Register Vol. 51, No. 14, July 12, 2024
A. A form may not contain any advertising material.
B. A carrier may use a marketing name, registered trademark, or logo in a form, if the logo, registered trademark, or marketing name does not mislead as to the identity of the carrier.
C. A carrier may include text such as "50th Anniversary Year", "Established over 100 Years", or "Incorporated 1860" in a form.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.08 - Proxy

Current through Register Vol. 51, No. 14, July 12, 2024
A statement may not appear in the application with respect to a proxy through which one or more members of the board of directors is authorized to vote in the election of directors.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.09 - Life Insurance Policies

Current through Register Vol. 51, No. 14, July 12, 2024
A. In the case of term policies, the insurer shall indicate in clear, unambiguous language, whether or not coverage is granted if loss occurs on the term expiry date. Some examples of acceptable language are:
(1) If death occurs on or before the 5th anniversary of the policy, etc.;
(2) If death occurs before but not including, the 5th anniversary of the policy, etc.;
(3) This policy shall terminate on the 5th anniversary of the date of issue at 12:00 o'clock noon Standard Time at the place where the insured then resides.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.10 - General Requirements for Forms

Current through Register Vol. 51, No. 14, July 12, 2024
A. If a carrier embodies a brief description on the filing back of a form, the brief description shall be identical in language with that embodied on the first page of the form.
B. An application, policy, or contract may not require a warranty of the state of health of the insured or that the good health of the insured be a condition precedent to the policy or contract.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.11 - Self-Destruction or Self-Inflicted Injury

Current through Register Vol. 51, No. 14, July 12, 2024
A. In any group life insurance policy, or in any provisions in either a life insurance policy or a certificate relating to additional disability benefits or to additional benefits in the event of death by accident or accidental means:
(1) If the insurer desires to exclude self-destruction or self-inflicted injury, or both, regardless whether intentional or unintentional, language such as "self-destruction and/or self-inflicted injury, intentional or unintentional" or "self-destruction and/or self-inflicted injury, voluntary or involuntary", should be used.
(2) If the insurer desires to exclude only suicide or intentional self-inflicted injury, or both, language such as "suicide", "intentional self-destruction", "voluntary self-destruction", "intentional self-inflicted injury", and/or "voluntary self-inflicted injury" should be used. The insurer, at its option, may also add the language "while sane or insane".
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.12 - Military Service Exclusion

Current through Register Vol. 51, No. 14, July 12, 2024
A. Except as provided in §B of this regulation, a contract shall provide for a refund of premium upon request of the policyholder of pro rata unearned premium for any period during which the insured is not covered if:
(1) Coverage terminates for an individual when the individual enters military service; or
(2) The contract excludes any coverage while the individual is in military service.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.13 - Prohibited Coverage

Current through Register Vol. 51, No. 14, July 12, 2024
A. Health Insurance Coverage Prohibited in Individual Life Insurance Policies. An ordinary or industrial life insurance policy may not include a health insurance benefit, except for the following types of benefits:
(1) Long-term care coverage;
(2) Accidental death and dismemberment coverage;
(3) Waiver of premium for permanent disability coverage;
(4) Acceleration of death benefit for terminal illness or chronic condition;
(5) Benefits for a second opinion for health conditions specified in the policy; or
(6) Benefits that:
(a) Provide a lump-sum benefit for a disease specified in the policy; and
(b) Meet the requirements established by the Commissioner under Insurance Article, §
											15-109, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.14 - Standard Nonforfeiture Value Method

Current through Register Vol. 51, No. 14, July 12, 2024
The expression "standard nonforfeiture value method" is acceptable for the description of the method of determining a cash value by deducting from the present value of future benefits, the present value of future nonforfeiture factors or adjusted premiums. When using this expression, it is necessary to state the amount of the nonforfeiture factor for the particular policy. If the nonforfeiture factor is identical with the statutory adjusted premium, the following language is acceptable if applicable: "The cash value under this policy as of any policy anniversary is the amount computed in accordance with the standard nonforfeiture value method using the adjusted premium as defined in the laws of the State in which this policy is delivered".
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.15 - Recommendations of National Association of Insurance Commissioners

Current through Register Vol. 51, No. 14, July 12, 2024
The Commissioner shall be guided by recommendations made by a subcommittee of the National Association of Insurance Commissioners in those instances where:
A. The question of the computation of minimum cash values for a particular type of policy or type of insurance coverage has been made the subject of a study by the subcommittee of the National Association of Insurance Commissioners; and
B. Maryland does not have a specific regulation covering the question described in §A of this regulation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.16 - Use of Dividends

Current through Register Vol. 51, No. 14, July 12, 2024
In a participating life insurance policy or certificate, if dividends may be used to purchase additional term or paid-up insurance, the policy shall specify the basis of the maximum charge for the purchase of this insurance.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.17 - Riots and Altercations

Current through Register Vol. 51, No. 14, July 12, 2024
A. Life Insurance. If a life insurance form excludes liability for injury or accidental death arising out of:
(1) A riot, the exclusion shall be confined to cases in which the insured is participating in the riot; and
(2) An altercation, the exclusion shall be confined to cases in which the insured provoked the altercation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.17 - Filing of Forms for Approval › Section 31.04.17.18 - Health Insurance-Pre-Existing Condition Exclusions

Current through Register Vol. 51, No. 14, July 12, 2024
For health insurance contracts or contracts issued by a nonprofit health service plan, a carrier may not impose a pre-existing condition exclusion that exceeds 1 year if the application does not include medical questions or health history questions.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.01 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
These regulations are applicable to a person subject to the notification or registration requirements of the Maryland Insurance Acquisition and Disclosure Act under Insurance Article, Title 7, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.03 - Adequacy of Surplus

Current through Register Vol. 51, No. 14, July 12, 2024
The factors set forth in Insurance Article, §
									7-105(a), Annotated Code of Maryland, are not intended to be an exhaustive list for use in determining whether an insurer's assets and surplus are reasonable in relation to the insurer's outstanding liabilities and adequate to meet its financial needs. In applying the factors set forth in Insurance Article, §
									7-105(a), Annotated Code of Maryland, the Commissioner shall adhere to the following principles:
A. The Commissioner may not deem any single factor as necessarily controlling;
B. The Commissioner shall consider the net effect of the factors, plus other factors deemed by the Commissioner to impact the financial condition of the insurer;
C. In comparing the surplus maintained by other insurers, the Commissioner shall consider the extent to which each of the factors varies from company to company; and
D. In determining the quality and liquidity of investments in subsidiaries, the Commissioner shall consider the individual subsidiary and may discount or disallow its valuation to the extent the individual investments so warrant.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.04 - Forms - General Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person required to file a statement, form, or notification pursuant to Insurance Article, Title 7, Annotated Code of Maryland, shall file the statement, form, or notification as specified in the instructions provided in this chapter, and in accordance with the format, guidelines, and instructions approved by the Commissioner. The forms are not intended to be blank forms which are to be filled in; rather, the forms are intended to be guides in the preparation of the statements. A filed statement shall contain the number and captions of all items outlined in the form, with text addressing each applicable item or a response in the negative where not applicable.
B. A person filing a statement, form, or notification pursuant to Insurance Article, Title 7, Annotated Code of Maryland, and this chapter shall provide the filing, including exhibits, documents, information, and all other papers filed as part of the submission:
(1) Electronically to the Commissioner; or
(2) Via personal delivery or mail addressed to The Insurance Commissioner, Maryland Insurance Administration, Attention: Chief Financial Analyst, Examination & Auditing Unit, 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.05 - Forms - Incorporation by Reference, Summaries, and Omissions

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person filing a statement, form, or notification pursuant to Insurance Article, Title 7, Annotated Code of Maryland, and this chapter may:
(1) Incorporate by reference in an answer or partial answer to:
(a) Information required in previously submitted or current submissions of other filings of statements, forms, or notifications pursuant to Insurance Article, Title 7, Annotated Code of Maryland; and
(b) Information contained in any financial statement, annual report, proxy statement, statement filed with a governmental authority, or any other document provided in previously submitted or current submissions of other filings of statements, forms, or notifications pursuant to Insurance Article, Title 7, Annotated Code of Maryland, provided the document is filed as an exhibit to the submission; and
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.06 - Extension of Time to Provide Notification

Current through Register Vol. 51, No. 14, July 12, 2024
A. If it is impractical for a person filing a statement, form, or notification pursuant to Insurance Article, Title 7, Annotated Code of Maryland, to furnish any required information, document, or report at the time it is required to be filed, the person shall file with the Commissioner a separate document:
(1) Identifying the information, document, or report in question;
(2) Stating why the filing thereof at the time required is impractical; and
(3) Requesting an extension of time for filing the information, document, or report to a specified date.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.07 - Pre-Acquisition Notification

Current through Register Vol. 51, No. 14, July 12, 2024
A. If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to Insurance Article, §
									7-303(a), Annotated Code of Maryland, that person shall file with the Commissioner, at least 30 days before a transaction is proposed to become effective, a Form E, in accordance with the format, guidelines, and instructions approved by the Commissioner.
B. The acquiring person in an acquisition subject to Insurance Article, §
									7-403, Annotated Code of Maryland, shall file with the Commissioner, at least 30 days before the acquisition is proposed to become effective, a Form E, in accordance with the format, guidelines, and instructions approved by the Commissioner.
C. Upon request and in addition to the information provided in §A or B of this regulation, the Commissioner may require the opinion of an economist about the competitive impact of the acquisition or merger in the State, together with a summary of the education and experience of the economist indicating the economist's ability to make an informed opinion pursuant to Insurance Article, §
									7-403(c)(2)(H), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.08 - Statement of Filing for Acquisition of Control of a Domestic Insurer

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person seeking to acquire control of a domestic insurer pursuant to Insurance Article, §
									7-304, Annotated Code of Maryland, shall file with the Commissioner and provide a copy to the domestic insurer a Form A at least 60 days before a transaction is proposed to become effective, in accordance with the format, guidelines, and instructions approved by the Commissioner.
B. If any material change occurs in the facts set forth in the statement filed with the Commissioner and provided to the insurer in the Form A, an amendment, together with copies of any documents or other materials necessary to describe the amendment, shall be filed with the Commissioner prior to the Commissioner's disposition on the application, and provided to the insurer within the earlier of 2 business days after:
(1) The change occurs; or
(2) The person that filed the statement learns of the change.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.09 - Annual Registration Statement

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person required to file an annual registration statement pursuant to Insurance Article, §
									7-601, Annotated Code of Maryland, shall file with the Commissioner a Form B, in accordance with the format, guidelines, and instructions approved by the Commissioner.
B. Unless extended by the Commissioner for good cause, the Form B shall be filed within 15 days after the insurer becomes subject to registration and, for each subsequent year, annually on or before May 1.
C. No information need be disclosed pursuant to §A of this regulation if the information is not material. Sales, purchases, exchanges, loans, or extensions of credit, investments, or guarantees involving 1/2 ofl percent (5 percent) or less of an insurer's admitted assets as of the 31st day of the December next preceding may not be deemed material for the purposes of this section.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.10 - Summary of Changes to Registration Statement and Pre-Divestiture Notification

Current through Register Vol. 51, No. 14, July 12, 2024
A person required to file an annual registration statement pursuant to Insurance Article, §
									7-601, Annotated Code of Maryland, and Regulation .09 of this chapter shall file with the Commissioner a Form C, in accordance with the format, guidelines, and instructions approved by the Commissioner, annually on or before May 1.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.11 - Disclaimers and Termination of Registration

Current through Register Vol. 51, No. 14, July 12, 2024
A. A disclaimer of affiliation or a request for termination of registration claiming that a person does not, or will not upon the taking of some proposed action, control another person (hereinafter referred to as the "subject") shall contain the following information:
(1) The number of authorized, issued, and outstanding voting securities of the subject;
(2) With respect to the person whose control is denied and all affiliates of such person, the number and percentage of shares of the subject's voting securities which are held of record or known to be beneficially owned, and the number of shares concerning which there is a right to acquire, directly or indirectly;
(3) All material relationships and bases for affiliation between the subject and the person whose control is denied and all affiliates of such person; and
(4) A statement explaining why the person should not be considered to control the subject.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.13 - Enterprise Risk Report

Current through Register Vol. 51, No. 14, July 12, 2024
The ultimate controlling person of an insurer required to file an enterprise risk report under Insurance Article, §
									7-603(h)(l), Annotated Code of Maryland, shall:
A. Unless extended by the Commissioner for good cause, by July 1 of each year, file with the Commissioner a properly executed Form F in accordance with the format, guidelines, and instructions approved by the Commissioner; and
B. File any other document or information that the Commissioner considers necessary to identify the significant risks within the insurance holding company system that could pose enterprise risk to the insurer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.18 - Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act › Section 31.04.18.14 - Extraordinary Dividends and Other Distributions

Current through Register Vol. 51, No. 14, July 12, 2024
A. Pursuant to Insurance Article, §
									7-706, Annotated Code of Maryland, a domestic insurer may not pay an extraordinary dividend or make any other extraordinary distribution to its shareholders unless:
(1) The insurer provides notice of the declaration to the Commissioner at least 30 days before the declaration is made; and
(2) The Commissioner has approved or not disapproved the declaration within 30 days following the notice.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.19 - Filing of Forms Under File and Use Method › Section 31.04.19.01 - Applicability and Scope

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter applies to the submission of any form required to be filed under Insurance Article, §
									12-203(b), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.19 - Filing of Forms Under File and Use Method › Section 31.04.19.03 - Filing of Forms for Approval

Current through Register Vol. 51, No. 14, July 12, 2024
Except as otherwise provided in this chapter, the filing of forms shall be in compliance with the requirements under:
A. COMAR 31.04.17 for life and health insurance filings; and
B. COMAR 31.10.01 for health insurance filings.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.19 - Filing of Forms Under File and Use Method › Section 31.04.19.04 - Submission Requirements for File and Use Method

Current through Register Vol. 51, No. 14, July 12, 2024
A. An insurer may request that a form filing be accepted under a file and use method.
B. The cover letter included with forms filed under the file and use method shall include the following:
(1) A reference line that indicates that the forms are being filed under the file and use method;
(2) A list of the forms included in the submission; and
(3) For each form listed in the cover letter required under §B(2) of this regulation, a cite to the authority to file the form under Regulation .05 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.19 - Filing of Forms Under File and Use Method › Section 31.04.19.06 - Use of Noncompliant Forms

Current through Register Vol. 51, No. 14, July 12, 2024
A. If an insurer uses a form which becomes effective under a file and use method and the form is found by the Commissioner to be noncompliant, the Commissioner may:
(1) Disapprove the form by:
(a) Giving notice of the disapproval;
(b) Showing cause for the disapproval; and
(c) Stating the effective date of the disapproval in the notice; and
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.01 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter establishes the process and procedures for market conduct actions.
B. This chapter does not apply to the examination or investigation of:
(1) A person's financial condition as described in Insurance Article, Titles 5, 6, 7, and 9, Annotated Code of Maryland, as well as COMAR 31.04, 31.05, and 31.06; or
(2) An insurance producer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.02 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
Nothing in this chapter limits the Commissioner's authority to conduct an analysis, investigation, or examination, or to issue orders pursuant to law. All applicable provisions, including the confidentiality provisions, of Insurance Article, Annotated Code of Maryland, apply to market conduct actions.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Analysis" has the meaning stated in Insurance Article, §
										2-205(a), Annotated Code of Maryland.
(2) "Business practices" means the operations, policies, procedures and other activities or administrative methods used by a person to conduct business.
(3) "Commissioner" means the Insurance Commissioner of Maryland or the Insurance Commissioner's designee.
(4) "Complaint" means a written or documented oral communication expressing dissatisfaction with a person.
(5) "Market conduct action" means any of the full range of activities that the Commissioner may initiate to assess the business practices of a person or persons, or the insurance market, including a market conduct analysis, market conduct investigation, or market conduct examination.
(6) "Market conduct analysis" means an evaluation conducted whenever the Commissioner considers it advisable to identify or investigate the business practices of one or more persons, or the insurance market, from filed schedules, surveys, required reports, or other sources of information.
(7) "Market conduct examination" means an inspection of the accounts, records, documents, or transactions of a person to develop a detailed understanding of the person's business practices to evaluate compliance with State law.
(8) "Market conduct investigation" means a process used by the Commissioner to determine if a person has violated State law in that person's business practices.
(9) "Person" means an insurer or other entity subject to regulation by the Commissioner and authorized to conduct business in this State.
(10) "Proposed market conduct examination report" means the completed market conduct examination report that is required under Regulation .07 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.04 - Market Conduct Action

Current through Register Vol. 51, No. 14, July 12, 2024
A. Whenever the Commissioner has the authority to conduct an analysis, examination, or investigation of a person's business practices, the Commissioner may conduct a market conduct action.
B. The Commissioner may conduct a market conduct action:
(1) Based on a complaint;
(2) As authorized by law;
(3) Whenever the Commissioner considers it is advisable; or
(4) With other states.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.05 - Information

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Commissioner may request accounts, records, documents, files, or other information needed to complete a market conduct action.
B. The Commissioner may include a reference to the applicable law pertaining to the request.
C. The Commissioner may request information through:
(1) A survey;
(2) An interrogatory;
(3) An interview; or
(4) Any other procedure identified by the Commissioner.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.06 - Market Conduct Examination

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Commissioner shall conduct a market conduct examination in accordance with this regulation.
B. The Commissioner shall notify the person subject to the market conduct examination, in writing, that a market conduct examination has commenced.
C. The Commissioner's notification that a market conduct examination has commenced shall:
(1) Specify the lines of insurance, scope, intent, and period covered by the market conduct examination;
(2) Provide the name and contact information of the Commissioner; and
(3) Provide any other information the Commissioner considers relevant.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.07 - Market Conduct Examination Report

Current through Register Vol. 51, No. 14, July 12, 2024
A. Whenever a market conduct examination is conducted pursuant to Regulation .06 of this chapter, the Commissioner shall:
(1) Provide the person with a copy of the draft proposed market conduct examination report;
(2) Allow the person to submit written comments on the draft proposed market conduct examination report within 30 days after the receipt of the draft proposed market conduct examination report, or the period specified by the Commissioner, whichever is longer;
(3) Consider the written comments submitted by the person in finalizing the draft proposed market conduct examination report; and
(4) Include the written comments submitted by the person to the draft proposed market conduct examination report as an attachment to the proposed market conduct examination report.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.08 - Commissioner's Actions

Current through Register Vol. 51, No. 14, July 12, 2024
A. Based on the information reviewed during a market conduct analysis the Commissioner may, in the Commissioner's sole discretion:
(1) Broaden the scope and period of the market conduct analysis;
(2) Conduct a market conduct investigation or market conduct examination;
(3) Issue an order; or
(4) Take any other action authorized or reasonably implied by Insurance Article, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.09 - Sanctions

Current through Register Vol. 51, No. 14, July 12, 2024
If a person subject to this chapter fails to provide the information requested by the Commissioner in accordance with this chapter, the person may be subject to an administrative fine not exceeding $500 per day, in addition to any other penalty available to the Commissioner.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.20 - Market Conduct Actions › Section 31.04.20.10 - Hearings

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person aggrieved by an order or proposed market conduct examination report may request a hearing in accordance with the provisions of COMAR 31.02.01.
B. Except as otherwise provided by law, a person may not rely on any information not timely provided in accordance with Regulation .06G of this chapter in any hearing held on an order or proposed market conduct examination report.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.21 - Payment of Actuarial Review of Rate Filings › Section 31.04.21.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter applies to the examination of rate filings made pursuant to:
(1) Health-General Article, §19-713, Annotated Code of Maryland;
(2) Insurance Article, Title 11, Subtitles 2 and 3, and §§12-205 and 14-126(a)(2), Annotated Code of Maryland; and
(3) COMAR 31.10.01.02A.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.21 - Payment of Actuarial Review of Rate Filings › Section 31.04.21.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Actuarial consultant" means a consultant retained by the Commissioner subject to applicable procurement requirements to examine a rate filing.
(2) "Advisory organization" has the meaning stated in Insurance Article, §
										11-101, Annotated Code of Maryland.
(3) "Carrier" means an authorized insurer, nonprofit health service plan, or health maintenance organization.
(4) "Commissioner" means the Maryland Insurance Commissioner.
(5) "Rating organization" has the meaning stated in Insurance Article, §
										11-101, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.21 - Payment of Actuarial Review of Rate Filings › Section 31.04.21.03 - Examination of Rate Filings by an Actuarial Consultant

Current through Register Vol. 51, No. 14, July 12, 2024
A. Whenever the Commissioner considers it advisable, the Commissioner may retain an actuarial consultant to examine a rate filing submitted by an advisory organization, carrier, or rating organization.
B. If the Commissioner retains an actuarial consultant to examine a rate filing submitted by an advisory organization, carrier, or rating organization the Commissioner shall notify the advisory organization, carrier, or rating organization that the Commissioner has retained an actuarial consultant to examine the rate filing.
C. The Commissioner or the actuarial consultant shall make a complete report of the examination in accordance with the provisions of Insurance Article, §
									2-209, Annotated Code of Maryland.
D. The advisory organization, carrier, or rating organization shall pay the expenses for the actuarial consultant's examination of a rate filing in accordance with the provisions of Insurance Article, §
									2-208, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.22 - Title Insurers › Section 31.04.22.02 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter:
A. Establishes the minimum standards and procedures for conducting a review; and
B. Provides for the filing of a review report with the Commissioner.