reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.11 - Use of Credit History in Underwriting and Rate Making › Section 31.15.11.09 - Private Passenger Motor Vehicle Insurance - Use of Credit History for Rating

Current through Register Vol. 51, No. 14, July 12, 2024
A. Scope. This regulation applies to an insurer that rates a new policy of private passenger motor vehicle insurance based wholly or partly on the credit history of an applicant.
B. In General.
(1) If an insurer uses credit criteria or a credit score as part of the insurer's rate-making standards, the credit criteria or credit score shall be established and used in a manner that:
(a) Does not result in rates that are excessive, inadequate, or unfairly discriminatory;
(b) Results in application of the most favorable rate modification for which an applicant qualifies;
(c) Results in placement of an applicant in the most favorably priced tier or other classification for which the applicant qualifies;
(d) Results in placement of an applicant in the most favorably priced insurer within a group of affiliated insurers for which the applicant qualifies; and
(e) Otherwise complies with Insurance Article, §
											11-306, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.11 - Use of Credit History in Underwriting and Rate Making › Section 31.15.11.10 - Private Passenger Motor Vehicle Insurance - Review of Credit History

Current through Register Vol. 51, No. 14, July 12, 2024
A. Review and Disclosure Required. With respect to private passenger motor vehicle insurance, an insurer that rates a new policy based wholly or partly on the credit history of an applicant shall:
(1) Review the credit history of an insured who was adversely impacted by the use of the insured's credit history at the initial rating of the policy:
(a) On request of the insured; or
(b) If not requested earlier by the insured, every 2 years;
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.11 - Use of Credit History in Underwriting and Rate Making › Section 31.15.11.11 - Private Passenger Motor Vehicle Insurance - Inclusion of Information in Rate Filing

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. With respect to private passenger motor vehicle insurance, an insurer that uses credit history to rate a new policy or another person authorized by the Commissioner to act on behalf of the insurer shall file with the Commissioner as part of the insurer's rate filing under Insurance Article, §
									11-307, Annotated Code of Maryland:
(1) In the insurer's filed rating manual, the rate-related underwriting rule that:
(a) Is included in the definition of supplementary rate information in Insurance Article, §
											11-101(e), Annotated Code of Maryland; and
(b) Defines the credit criteria or ranges of credit scores used to determine application of the rating factor;
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.12 - Valuation of Motor Vehicles › Section 31.15.12.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. Except as provided in §B of this regulation, this chapter applies to each claim for property damage to a private passenger motor vehicle arising under a policy of insurance, including a claim arising under:
(1) Collision coverage;
(2) Liability property damage coverage;
(3) Comprehensive property damage coverage; or
(4) Uninsured motorist property damage coverage.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.12 - Valuation of Motor Vehicles › Section 31.15.12.03 - Duties of Insurer Following Determination of Total Loss of Motor Vehicle

Current through Register Vol. 51, No. 14, July 12, 2024
A. Scope. The deadlines set by §§B-D of this regulation do not apply to a claim for damage that results in the total loss of a motor vehicle if:
(1) There is a good faith dispute as to the obligation of the insurer under the contract; or
(2) There are factors beyond the control of the insurer that prevent the insurer from complying with the deadlines set by §§B-D of this regulation, including a vehicle that is limited in production, specialty in nature, or older than 10 model years at the time of the total loss.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.12 - Valuation of Motor Vehicles › Section 31.15.12.04 - Cash Settlement

Current through Register Vol. 51, No. 14, July 12, 2024
If an insurer elects to make a cash settlement for the total loss of a motor vehicle pursuant to Regulation .03 of this chapter, the insurer's minimum offer, subject to applicable deductions, shall be:
A. The total of:
(1) The retail value for a substantially similar motor vehicle from a nationally recognized valuation manual or from a computerized data base that produces statistically valid fair market values for a substantially similar vehicle as defined in Regulation .02B(7) of this regulation; and
(2) Regardless of whether the claimant retains salvage rights, the applicable taxes and transfer fees pursuant to COMAR 11.11.05; or
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.12 - Valuation of Motor Vehicles › Section 31.15.12.05 - Contents of Settlement Offer

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. A settlement offer made by an insurer pursuant to Regulation .04 of this chapter shall:
(1) State the amount being offered;
(2) Inform the claimant that, on request from the claimant, the insurer shall provide the claimant in writing:
(a) A copy of the settlement offer;
(b) The method used to arrive at the value of the motor vehicle, including identification of any books, manuals, or databases used;
(c) A detailed explanation of the insurer's calculation of the motor vehicle's total loss value, including the calculation of any value added to the motor vehicle by options;
(d) A list of all deductions that will be made from the value of the motor vehicle; and
(e) A copy of the inspection guidelines relied on by the insurer to determine the condition of the vehicle at the time of the loss; and
(3) Inform the claimant that the claimant may, in writing, reject the settlement offer and make a counteroffer in accordance with Regulation .06 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.12 - Valuation of Motor Vehicles › Section 31.15.12.06 - Response by Claimant to Settlement Offer

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. After receipt of a settlement offer, a claimant may:
(1) Accept the offer; or
(2) In writing, reject the offer and make a counteroffer based on:
(a) Dealer quotations for a substantially similar motor vehicle;
(b) Advertisements for a substantially similar motor vehicle; or
(c) Any other source of valuation for a substantially similar motor vehicle.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.12 - Valuation of Motor Vehicles › Section 31.15.12.07 - Replacement of Motor Vehicle

Current through Register Vol. 51, No. 14, July 12, 2024
If an insurer elects to replace a motor vehicle pursuant to Regulation .03B(2) of this chapter and the insurance policy provides authority for the replacement as an acceptable method of settlement, the insurer shall provide the claimant with a motor vehicle that is:
A. A substantially similar motor vehicle;
B. Immediately available; and
C. Subject to any deductible, paid for by the insurer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.13 - Notice of Premium Increase for Commercial Insurance › Section 31.15.13.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. (originally proposed text unchanged)
B. This chapter does not apply to policies:
(1) Issued to exempt commercial policyholders, as defined in Insurance Article, §
										11-206(j), Annotated Code of Maryland;
(2) For which the renewal premium is:
(a) (originally proposed text unchanged)
(b) An increase over the expiring policy premium of the lesser of 3 percent or $300; or
(3) Of surplus lines insurance procured from a nonadmitted insurer under Insurance Article, Title 3, Subtitle 3, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.13 - Notice of Premium Increase for Commercial Insurance › Section 31.15.13.02 - Notice Requirement for Commercial Lines Policies

Current through Register Vol. 51, No. 14, July 12, 2024
A. Exceptions.
(1) The notice requirement of Insurance Article, §
										27-604, Annotated Code of Maryland, does not apply to an insurer that intends to increase a premium for a commercial lines policy by 20 percent or more if the insurer satisfies the Commissioner that it cannot reasonably comply with the notice requirement for any risk, category of risk, or line of business involved.
(2) An insurer is deemed unable to reasonably comply with the notice requirement of Insurance Article, §
										27-604, Annotated Code of Maryland:
(a) With respect to any portion of a premium increase that results from:
(i) An increase in the units of exposure;
(ii) Application of an experience rating plan;
(iii) Application of a retrospective rating plan;
(iv) A premium audit performed in accordance with the terms of the policy;
(v) Any change made by the insured to the risk that increases insurer's exposure on the risk;
(vi) A request made by the insured to change coverage under the policy; or
(b) If the insurer:
(i) Has given notice of its intent not to renew the policy;
(ii) Is required to hold coverage in effect past the expiration date and into the renewal period, by operation of Insurance Article, §
												27-501(f), Annotated Code of Maryland; and
(iii) Does not receive the hold-in-effect directive of the Commissioner far enough in advance of the renewal date to calculate the premium and provide the notice of premium increase at least 45 days before the effective date of the proposed premium increase.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.13 - Notice of Premium Increase for Commercial Insurance › Section 31.15.13.03 - Request for Exception

Current through Register Vol. 51, No. 14, July 12, 2024
A. For a situation not expressly exempted by Regulation .02A(2) or .03A(2) of this chapter from the notice requirement of Insurance Article, §
									27-604, Annotated Code of Maryland, an insurer may apply for an exception to the notice requirement by submitting to the Commissioner at least 60 days before the date the notice is required to be sent:
(1) A written request for an exception to the notice requirement;
(2) A written explanation of why the insurer cannot reasonably comply with the notice requirement for any risk, category of risk, or line of business involved; and
(3) Any information that supports the insurer's contention that it cannot reasonably comply with the notice requirement.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.14 - Administrative Service Fees › Section 31.15.14.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of this chapter is to establish the standards applicable to insurance producers authorized to sell health insurance when providing administrative services to an employer, and to adopt the disclosure form required by Insurance Article, §
									27-216(g)(3), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.14 - Administrative Service Fees › Section 31.15.14.02 - 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) "Administrative service" has the meaning stated in Insurance Article, §
										27-216(g), Annotated Code of Maryland.
(2) "Administrative service fee" means a fee that is:
(a) Charged to an employer by an insurance producer for providing an administrative service to the employer; and
(b) A reasonable amount for the administrative services provided to the employer after consideration of:
(i) The fee customarily charged to a similarly situated employer for the same or similar services in the employer's location,
(ii) The time the producer spent providing the service, and
(iii) The expenses the producer incurred to provide the administrative service to the employer, including the cost of the product or service.
(3) "Disclosure form" means the form set forth in Regulation .06 of this chapter that shall be used by an insurance producer when charging a fee for an administrative service.
(4) "Health benefit plan" has the meaning stated in Insurance Article, §
										2-112.2, Annotated Code of Maryland.
(5) "Health insurance" has the meaning stated in Insurance Article, §
										1-101(p), Annotated Code of Maryland.
(6) "Insurance producer" has the meaning stated in Insurance Article, §
										1-101(u), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.14 - Administrative Service Fees › Section 31.15.14.03 - Administrative Service Fee

Current through Register Vol. 51, No. 14, July 12, 2024
A. An insurance producer who is licensed under Insurance Article, Title 10, Annotated Code of Maryland to sell health insurance may not charge an administrative service fee for providing an administrative service to an employer unless the insurance producer:
(1) Clearly and accurately completes the disclosure form set forth in Regulation .06 of this chapter in accordance with this chapter and the instructions provided in the disclosure form;
(2) Lists on the disclosure form each of the administrative services to be provided and the fee for each administrative service to be provided;
(3) If the insurance producer sells a health benefit plan to the employer, discloses the amount of commission or other compensation that the insurance producer will receive from an insurer, nonprofit health service plan, or health maintenance organization related to the sale of the health benefit plan on the disclosure form;
(4) Signs the completed disclosure form and obtains the signature of the authorized representative of the employer on the completed disclosure form; and
(5) Provides the employer with a signed copy of the completed disclosure form prior to charging an administrative service fee.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.14 - Administrative Service Fees › Section 31.15.14.04 - Records

Current through Register Vol. 51, No. 14, July 12, 2024
A. An insurance producer shall retain a copy of the signed disclosure form for a period of 5 years.
B. An insurance producer shall retain documentation of the actual costs associated with providing the administrative service to an employer for a period of 5 years.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.14 - Administrative Service Fees › Section 31.15.14.05 - Rebating, Inducement, Coerced, or Tie-in Sales

Current through Register Vol. 51, No. 14, July 12, 2024
A. An insurance producer may not provide an administrative service to an employer unless an administrative service fee is charged for the administrative service.
B. An insurance producer who provides an administrative service without charging an administrative service fee shall be subject to disciplinary action under the Insurance Article, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.14 - Administrative Service Fees › Section 31.15.14.06 - Disclosure Form

Current through Register Vol. 51, No. 14, July 12, 2024
The disclosure form required by Regulation .03 shall read as follows:
Click here to
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Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.15 - Liability of Insurer - Failure to Act in Good Faith › Section 31.15.15.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
A. The purpose of this chapter is to:
(1) Establish the procedures for filing and processing civil complaints against property and casualty insurers and insurers that offer disability insurance that are required to be filed with the Administration pursuant to Insurance Article, §
										27-1001, Annotated Code of Maryland; and
(2) Require property and casualty insurers and insurers that offer disability insurance that are the subject of a civil action described in Courts and Judicial Proceedings Article, §
										3-1701(d), Annotated Code of Maryland, to report to the Administration certain information that the Administration is required to submit to the General Assembly pursuant to Insurance Article, §
										27-1001(h), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.15 - Liability of Insurer - Failure to Act in Good Faith › Section 31.15.15.02 - Applicability and Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter is applicable to all insurers that issue, sell, or deliver a policy of property and casualty insurance, and insurers that issue, sell, or deliver a policy of individual disability insurance, that includes first-party coverage in this State.
B. This chapter applies to:
(1) All civil complaints purporting to state a cause of action under Courts and Judicial Proceedings Article, §
										3-1701, Annotated Code of Maryland, that are required to be filed with the Administration pursuant to Insurance Article §
										27-1001, Annotated Code of Maryland; and
(2) All civil complaints that are to be reported to the General Assembly pursuant to Insurance Article, §
										27-1001, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.15 - Liability of Insurer - Failure to Act in Good Faith › Section 31.15.15.03 - 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) "27-1001 filing" means the complaint and supporting documentation filed by the plaintiff that are submitted to the Administration pursuant to Insurance Article, §
										27-1001(d)(1)  and (2), Annotated Code of Maryland.
(2) "Complaint" means a written document that purports to state a cause of action under Courts and Judicial Proceedings Article, §
										3-1701, Annotated Code of Maryland.
(3) "Defendant insurer" means the insurer that is the subject of the complaint.
(4) "Good cause" means a privilege or doctrine recognized by statute or other law in the State as a basis on which to refuse to produce a document in response to civil discovery requests.
(5) "Plaintiff' means the person who is asserting the cause of action set forth in a complaint.
(6) "Responsive filing" means the response to the complaint filed by the defendant insurer with the supporting documentation that meets the requirements of Insurance Article, §
										27-1001(d)(4), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.15 - Liability of Insurer - Failure to Act in Good Faith › Section 31.15.15.04 - Filing the Complaint

Current through Register Vol. 51, No. 14, July 12, 2024
A. Plaintiff Filing a Complaint.
(1) A plaintiff filing a complaint that is required to be filed with the Administration in accordance with Insurance Article, §
										27-1001, Annotated Code of Maryland, shall submit the complaint to the Administration in accordance with the following procedures:
(a) The complaint shall include the information and be accompanied by the documents identified in Insurance Article, §
											27-1001(d)(2), Annotated Code of Maryland;
(b) The plaintiff shall file an original and one copy of the 27-1001 filing; and
(c) The 27-1001 filing shall be accompanied by a civil cover sheet.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.15 - Liability of Insurer - Failure to Act in Good Faith › Section 31.15.15.05 - Defendant Insurer's Responsive Filing

Current through Register Vol. 51, No. 14, July 12, 2024
A. Not later than 30 days after the Administration forwards the 27-1001 filing to the defendant insurer, the defendant insurer shall file a responsive filing with the Administration and mail a copy of it to the plaintiff.
B. The defendant insurer may, for good cause, withhold any document or evidence from its responsive filing that is required to be filed under Insurance Article §
									27-1001(d)(4), Annotated Code of Maryland.
C. If the defendant insurer elects to withhold any document or evidence from its responsive filing, the defendant insurer shall submit, along with its responsive filing, an index listing each document that is being withheld, in a manner sufficient to identify the document or evidence, and the basis for withholding the document.
D. In-Camera Inspection.
(1) If the defendant insurer elects to withhold any document or evidence from its responsive filing, the defendant insurer shall submit, along with its responsive filing and the index required under §C of this regulation, a copy of each document listed on the index for in-camera inspection by the Administration.
(2) Each copy of each document or evidence submitted to the Administration for in-camera inspection shall be clearly stamped "Withheld for Good Cause".
(3) All copies submitted to the Administration for in-camera inspection shall be placed in a separate, sealed envelope that includes the case name and MIA filing number and that is marked "Documents Withheld by Defendant Insurer for Good Cause".
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.15 - Liability of Insurer - Failure to Act in Good Faith › Section 31.15.15.06 - Administration's Review

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Administration shall review each document or other evidence that the defendant insurer has submitted to the Administration for in-camera inspection under Regulation .05D of this chapter.
B. If the Administration determines that any document or other evidence that the defendant insurer has withheld for good cause is not subject to a privilege or doctrine recognized by statute or other State law and the reason asserted for its withholding is not consistent with Insurance Article, §
									27-1001, Annotated Code of Maryland, or this regulation, the Administration shall:
(1) Find that good cause has not been shown as to that document or evidence; and
(2) Require the defendant insurer to:
(a) Provide copies of the document or evidence; or
(b) Give written notice to the plaintiff of its intent to continue to withhold the documents or evidence.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.15 - Liability of Insurer - Failure to Act in Good Faith › Section 31.15.15.07 - Duties of Defendant Insurers

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each property and casualty insurer and insurers that offer individual disability insurance that issue, sell, or deliver a policy that includes first-party coverage in the State shall designate a person authorized to receive 27-1001 filings from the Administration.
B. Each Insurer to which this chapter applies shall notify the Administration of the name and address of the defendant insurer's 27-1001 filing designee.
C. An insurer that fails to notify the Administration of its designee is considered to have appointed the person previously identified by the insurer to receive process that has been served on the Commissioner as attorney-in-fact, as the insurer's 27-1001 filing designee until the insurer has notified the Administration of its 27-1001 filing designee.
D. Notice of Disposition.
(1) Each defendant insurer shall advise the Administration, in writing, as to a disposition by the Office of Administrative Hearings or any court of law of any complaint filed against the defendant insurer under Courts and Judicial Proceedings Article, §
										3-1701, Annotated Code of Maryland.
(2) The notice of disposition shall be on the form determined by the Administration and published by bulletin and shall be sent to the Hearing and Appeals Clerk at the Administration within 30 days of the disposition.
(3) The notice of disposition shall identify:
(a) The adjudicatory body that issued the disposition;
(b) The case name and number before that adjudicatory body, as well as the case name and number of any underlying or prior dispositions with respect to that complaint;
(c) Whether the complaint seeks a determination as to:
(i) Coverage;
(ii) An alleged failure by the defendant insurer to adequately value, pay, or value and pay the underlying insurance claim; or
(iii) Both §D(3)(c)(i) and (ii) of this regulation;
(d) The type of coverage at issue in the complaint, such as auto UM/UIM, homeowner's, commercial general liability, individual disability, or other;
(e) The amount sought as damages in the complaint, itemized by:
(i) The amount sought as actual damages; and
(ii) The amount sought as expenses and litigation costs, including attorney's fees;
(f) The disposition with respect to each count of the complaint;
(g) A summary of any determinations made;
(h) A listing of any amounts awarded by the adjudicatory body; and
(i) Whether any further proceedings before that body or another tribunal have been filed or are expected to be filed.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.01 - Disclosure to Policyholders of the Possible Effects of Assessable Insurance Policies › Section 31.16.01.01 - Disclosure Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
In order to inform and better protect the public, the following regulation is adopted:
A. Every agent writing insurance business, or broker placing this business, with a mutual insurance company or reciprocal insurer issuing assessable policies shall clearly explain to the prospective policyholder the assessable nature of the policy and its possible effects in the event of insolvency.
B. Every policy, renewal certificate, bill, statement, invoice, or premium receipt book issued by any agent, broker, mutual company, or reciprocal insurer relating to the sale of an assessable policy shall contain on it the following legend which shall be prominently displayed in bold red type:
Important Notice
You have purchased an assessable insurance policy. In the event the insurance company writing this policy should become unable for any reason to pay its liabilities, you could be subject to an assessment as set forth in your policy or as provided by statute. If you have any questions, please ask your insurance agent or broker.
C. Exemption.
(1) Section B of this regulation does not apply to any business written or placed in an insurer writing property and casualty insurance other than vehicle liability or vehicle physical damage insurance when the insurer writing the business:
(a) Has a surplus of at least $200,000, as shown in its annual statement for the prior year and any examination as of a later date; and
(b) Has premium writings during the prior year, net of reinsurance ceded, which do not exceed two times the amount of the insurer's surplus shown on the statement or examination.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.02 - Surety Bond or Escrow Account Requirements - Repealed

Current through Register Vol. 51, No. 14, July 12, 2024
Authority: Real Property Article, §
										10-303; Insurance Article, §
										2-109; Annotated Code of Maryland
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.03 - Title Insurance Companies-MAHT Account › Section 31.16.03.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of this chapter is to provide for the implementation and monitoring of accounts to be maintained by title insurers or title insurance producers for the benefit of the Maryland Affordable Housing Trust.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.03 - Title Insurance Companies-MAHT Account › Section 31.16.03.02 - 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) "Act" means Insurance Article, §
										22-103, Annotated Code of Maryland.
(2) "Beneficial owner" means a person, other than the buyer in a real estate transaction, for whose benefit a title insurer or title insurance producer is entrusted to hold trust money.
(3) "Buyer" means a buyer in a real estate transaction.
(4) "Commissioner" means the Maryland State Insurance Commissioner.
(5) "Financial institution" means:
(a) A financial institution located in the State; or
(b) Subject to approval of the Banking Board in the Department of Labor, Licensing, and Regulation, a financial institution outside the State that complies with the requirements of Insurance Article, Title 22, Subtitle 1, Annotated Code of Maryland.
(6) Law Firm.
(a) "Law firm" means an association of attorneys who are admitted to practice before the Court of Appeals of the State, and who:
(i) Are primarily engaged in the practice of law; and
(ii) Solicit, procure, or negotiate title insurance contracts only as an incident of the practice of law.
(b) "Law firm" includes a sole practitioner.
(c) "Law firm" does not include:
(i) An attorney or an association of attorneys who own, operate, or share an interest in a title agency; or
(ii) An attorney who is employed by a title agency as a title insurance producer or title insurance broker.
(7) "MAHT account" means an account established with a financial institution for the benefit of the Maryland Affordable Housing Trust.
(8) "Maryland Affordable Housing Trust (MAHT)" means the fund created under Housing and Community Development Article, Annotated Code of Maryland.
(9) "Mortgage" includes a deed of trust.
(10) "Person" means an individual, joint venture, partnership, corporation, trust, foundation, association, limited liability company, or any other legal entity.
(11) Title Agency.
(a) "Title agency" means a business formed for the primary purpose of acting as a title insurance producer.
(b) "Title agency" includes a sole proprietor, partnership, corporation, or limited liability company.
(12) Title Insurance Producer.
(a) "Title insurance producer" means a person who, for compensation, in any manner solicits, procures, or negotiates title insurance contracts.
(b) "Title insurance producer" includes a person who provides escrow, closing, or settlement services which may result in the issuance of a title insurance contract.
(c) "Title insurance producer" does not include individuals employed and used by title insurance producers for the performance of clerical, stenographic, and similar office duties.
(13) "Trust money" means a deposit, payment, or other money that a person entrusts to a title insurer or a title insurance producer to hold for a buyer or beneficial owner in connection with a real estate escrow, settlement, closing, or title indemnification.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.03 - Title Insurance Companies-MAHT Account › Section 31.16.03.03 - Establishment of MAHT Accounts

Current through Register Vol. 51, No. 14, July 12, 2024
A. Establishment.
(1) Each title insurer or title insurance producer expecting to make trust money deposits, as set forth in §B of this regulation, shall establish one or more MAHT accounts with a financial institution.
(2) The MAHT account:
(a) May provide all of the financial services which may be required by a title insurer or a title insurance producer;
(b) Shall be an interest-bearing account; and
(c) Shall be an account which:
(i) Is permitted to be held by a title insurer or title insurance producer under federal or State law; and
(ii) Charges reasonable and customary service charges for commercial accounts.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.03 - Title Insurance Companies-MAHT Account › Section 31.16.03.04 - Operation of MAHT Accounts

Current through Register Vol. 51, No. 14, July 12, 2024
A. Account Terms. The terms of a MAHT account require that:
(1) The financial institution in which the MAHT account is maintained pays the interest earned on the MAHT account, less the reasonable and customary service charges of the financial institution, at least quarterly, to MAHT;
(2) At the time of payment of interest earned to MAHT, the financial institution provides an itemized statement for each MAHT account maintained in that financial institution, which statement shall set forth:
(a) The interest earned on each MAHT account, and
(b) If requested by MAHT, an itemized statement of each service charge assessed against the MAHT account.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.03 - Title Insurance Companies-MAHT Account › Section 31.16.03.05 - Separate Accounts

Current through Register Vol. 51, No. 14, July 12, 2024
A. Trust money which is not required to be deposited into a MAHT account may be deposited into any other deposit or investment vehicle:
(1) Specified by the buyer or beneficial owner; or
(2) Agreed upon by the buyer or beneficial owner and the title insurer or title insurance producer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.03 - Title Insurance Companies-MAHT Account › Section 31.16.03.06 - Annual Reports

Current through Register Vol. 51, No. 14, July 12, 2024
A. Filing. Each title insurer or title insurance producer who maintains a separate MAHT account shall file an annual report with the Commissioner and MAHT.
B. Forms. The annual report shall be prepared on a form approved by the Commissioner and shall include the following information:
(1) A list of all MAHT accounts and other bank accounts maintained by the title insurer or title insurance producer in which trust money was deposited at any time during the year, which list shall include the:
(a) Name of the account holder;
(b) Names of all persons who have access to the account;
(c) Financial institution in which the account is maintained;
(d) Account number; and
(e) Purpose of the account;
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.03 - Title Insurance Companies-MAHT Account › Section 31.16.03.07 - Review and Audit

Current through Register Vol. 51, No. 14, July 12, 2024
A. Review. The Commissioner and MAHT shall review the annual reports submitted by a title insurer or title insurance producer that maintains a separate MAHT account.
B. Audit.
(1) The Commissioner may audit a title insurer or title insurance producer for compliance with this chapter.
(2) The Commissioner may examine, and a title insurer or title insurance producer shall produce for examination, any record or document of a title insurer or title insurance producer, including:
(a) Books;
(b) Records;
(c) Financial statements;
(d) Banking statements; or
(e) Documents related to a real estate escrow, settlement, closing, or title indemnification.
(3) Each title insurer or title insurance producer shall permit the Commissioner to investigate, review, and copy records or documents of a financial institution pertaining to an account of a title insurer or title insurance producer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.03 - Title Insurance Companies-MAHT Account › Section 31.16.03.08 - Enforcement

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Commissioner may impose on a title insurer or title insurance producer any penalty, sanction, or other form of legal enforcement which the Commissioner has the authority to impose for failure to comply with the provisions of this chapter.
B. The Commissioner may not charge a title insurer or a title insurer's producer with a violation of ethical or legal responsibilities when placing trust funds in accounts where the interest earned is paid to the Maryland Affordable Housing Trust in accordance with this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.04 - Provision of Completed Premium Finance Agreement to Insured › Section 31.16.04.01 - When Insured Is Present at Time of Signing

Current through Register Vol. 51, No. 14, July 12, 2024
If the insured is present at the time a premium finance agreement is signed by or on behalf of the insured, the premium finance company, or an agent or producer, if applicable, shall provide the insured with, or cause the insured to be provided with, a legible copy of the fully completed and executed premium finance agreement at the time the agreement is signed.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.04 - Provision of Completed Premium Finance Agreement to Insured › Section 31.16.04.02 - When Insured Is Not Present at Time of Signing

Current through Register Vol. 51, No. 14, July 12, 2024
If the insured is not present at the time a premium finance agreement is executed on behalf of the insured, the premium finance company, or an agent or producer, if applicable, within 72 hours after the agreement is executed, shall mail or otherwise cause to be provided to the insured a legible copy of the fully completed and executed premium finance agreement.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.04 - Provision of Completed Premium Finance Agreement to Insured › Section 31.16.04.03 - Records

Current through Register Vol. 51, No. 14, July 12, 2024
A premium finance company shall maintain a record of all premium finance agreements provided to insureds in accordance with Regulation .02 of this chapter, and these records shall be open to examination by the Commissioner.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.06 - Bulk Reinsurance, Stock, and Mutual Insurers › Section 31.16.06.01 - Reinsurance Agreement

Current through Register Vol. 51, No. 14, July 12, 2024
A number of reinsurance treaties, particularly Quota-Share Treaties, provide for provisional commissions on a sliding scale which are adjusted periodically or on final settlement based upon the experience developed on business reinsured under these treaties. It is hereby ordered that when a company enters into such a reinsurance agreement the commission for which credit will be allowed in the preparation of your Annual Statements or any interim statements filed with this Administration will be the minimum guaranteed commission under the sliding scale provision. This, however, does not preclude the allowance as an asset of any commission in excess of the guaranteed minimum which may be due the company on final settlement of the Treaty.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.08 - Privacy of Consumer Financial and Health Information › Section 31.16.08.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter applies to all licensees of the Maryland Insurance Administration who possess nonpublic personal financial information or nonpublic personal health information about consumers.
B. This chapter does not apply to information about persons who obtain products or services for business, commercial, or agricultural purposes.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.08 - Privacy of Consumer Financial and Health Information › Section 31.16.08.02 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter:
A. Requires a licensee to provide notice to individuals about its privacy policies and practices;
B. Describes the conditions under which a licensee may disclose nonpublic personal health information and nonpublic personal financial information about individuals to affiliates and nonaffiliated third parties; and
C. Provides methods for individuals to prevent a licensee from disclosing nonpublic personal financial information and nonpublic personal health information.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.08 - Privacy of Consumer Financial and Health Information › Section 31.16.08.04 - Exemption from Notice and Opt Out Requirements for Nonpublic Personal Financial Information

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee is not subject to the notice and opt out requirements for nonpublic personal financial information of this chapter if:
(1) The licensee is an employee, agent, or other representative of another licensee;
(2) The other licensee otherwise complies with, and provides the notices required by, the provisions of this chapter; and
(3) The licensee does not disclose any nonpublic personal information to any person other than the other licensee or its affiliates in a manner permitted by this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.08 - Privacy of Consumer Financial and Health Information › Section 31.16.08.05 - Initial Privacy Notice for Financial Information to Consumers Required

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee shall provide a clear and conspicuous notice that accurately reflects its privacy policies and practices for nonpublic financial information to:
(1) An individual who becomes the licensee's customer, not later than when the licensee establishes a customer relationship, except as provided in §E of this regulation; and
(2) A consumer, before the licensee discloses any nonpublic personal financial information about the consumer to any nonaffiliated third party, if the licensee makes a disclosure other than as authorized by Regulations .15 and .16 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.08 - Privacy of Consumer Financial and Health Information › Section 31.16.08.06 - Annual Privacy Notice for Financial Information to Customers Required

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General.
(1) Except as provided in §B of this regulation, a licensee shall provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices for nonpublic financial information at least once in each annual notice period during the continuation of the customer relationship.
(2) A licensee may define the annual notice period as:
(a) A calendar year; or
(b) Any period of 12 consecutive months.
(3) The licensee shall apply the annual notice period as defined under §A(2) of this regulation to a customer on a consistent basis.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 16 - MISCELLANEOUS › Chapter 31.16.08 - Privacy of Consumer Financial and Health Information › Section 31.16.08.07 - Information To Be Included in Privacy Notices for Financial Information

Current through Register Vol. 51, No. 14, July 12, 2024
A. Privacy notices required to be provided under Regulations .05, .06, and .09 of this chapter shall include the following information:
(1) The categories of nonpublic personal financial information that the licensee collects;
(2) The categories of nonpublic personal financial information that the licensee discloses;
(3) The categories of affiliates and nonaffiliated third parties to whom the licensee discloses nonpublic personal financial information, other than those parties to whom the licensee discloses information under Regulations .15 and .16 of this chapter;
(4) The categories of:
(a) Nonpublic personal financial information about the licensee's former customers that the licensee discloses; and
(b) Affiliates and nonaffiliated third parties to whom the licensee discloses nonpublic personal financial information about the licensee's former customers, other than those parties to whom the licensee discloses information under Regulations .15 and .16 of this chapter;
(5) If a licensee discloses nonpublic personal financial information to a nonaffiliated third party under Regulation .14 of this chapter and no other exception in Regulations .15 and .16 of this chapter applies to that disclosure, a separate description of the categories of information the licensee discloses and the categories of third parties with whom the licensee has contracted;
(6) An explanation of the consumer's right under Regulation .11A of this chapter to opt out of the disclosure of nonpublic personal financial information to nonaffiliated third parties, including the methods by which the consumer may exercise that right at that time;
(7) Any disclosures that the licensee makes under § 603(d)(2)(A)(iii) of the federal Fair Credit Reporting Act, 15 U.S.C. §
											1681a(d)(2)(A)(iii) regarding the ability to opt out of disclosures of information among affiliates;
(8) The licensee's policies and practices with respect to protecting the confidentiality and security of nonpublic personal financial information; and
(9) Any disclosure that the licensee makes under §B of this regulation.