Current through Register Vol. 51, No. 19, September 20, 2024
A. The bulletin issued by the Commissioner under Regulation .05 of this chapter may require insurers authorized in the State who write property and casualty insurance, the Maryland Automobile Insurance Fund, and the Joint Insurance Association to:
(1) Suspend policy cancellations and nonrenewals;
(2) Extend the time periods for completion of repairs to an affected property in the event that repairs necessitated by the disaster or catastrophic event cannot be completed within the time period required under the policy;
(3) Provide any or all of the data listed in §C of this regulation in a manner required by the Commissioner in the bulletin;
(4) Implement a grace period of up to 60 days for the receipt of premium payments from customers prior to cancellation of policies;
(5) Suspend the obligation of title insurers to conduct on-site reviews of each of its title insurance producers appointed as principal agents within the calendar year pursuant to COMAR 31.04.22.04, provided that the process and procedures for conducting virtual audits are submitted to, and deemed adequate by, the Commissioner;
(6) Suspend the requirements under Insurance Article, §
8-210, Annotated Code of Maryland, for an insurer to conduct an on-site review of the underwriting and claims processing operations of its managing general agent;
(7) Suspend the requirement under Insurance Article, §
8-520, Annotated Code of Maryland, for a reinsurer to conduct on-site review of the underwriting and claims processing operations of the reinsurance manager; and
(8) On request of the Commissioner, provide any additional information that the Commissioner determines is necessary because of the nature of the emergency.
B. If a company is unable to provide all of the information required by the Commissioner under this regulation, the company shall provide the Commissioner with a detailed explanation of why it is unable to provide the information and state what information the company can provide.
C. By a bulletin issued under Regulation .05 of this chapter, the Commissioner may require authorized insurers, the Maryland Automobile Insurance Fund, and the Joint Insurance Association to provide any or all of the following information:
(1) NAIC group number and group name, or in the alternative, NAIC company number and company name (list all companies that are included in the group);
(2) Name of person to contact with any questions;
(3) Mailing address of contact person;
(4) Email address of contact person;
(5) Phone number of contact person;
(6) For each line of insurance defined in Regulation .03 of this chapter and all other lines, the following information by zip code or by county:
(a) Number of claims received;
(b) Amount paid on claims to date (indicate whether this amount includes amounts reserved for claims);
(c) Number of claims closed with payment;
(d) Number of claims closed without payment;
(e) Case incurred loss;
(f) Percentage of claims closed, and
(g) Average time it took to close a claim (aging should begin the date the claim is reported);
(7) For each line of insurance defined in Regulation .03 of this chapter and all other lines, the following information on a Statewide basis:
(a) Total number of Maryland claims received;
(b) Amount paid on Maryland claims to date (indicate whether this amount includes amounts reserved for claims);
(c) Number of Maryland claims closed with payment;
(d) Number of Maryland claims closed without payment;
(e) Maryland case incurred loss; and
(f) Percentage of Maryland claims closed; or
(8) Specify what lines the company has included in all other lines.
D. Reporting Instructions.
(1) Losses under business interruption insurance shall be reported under "business interruption insurance" and not under "commercial property insurance ".
(2) Experience for vehicles covered by commercial auto insurance shall be consistent with data reported on lines 19.3, 19.4, and 21.2 of the P&C annual statement.
(3) Experience for flood coverage provided as an additional peril without endorsement under a residential or commercial property policy may be included with the associated property policy.
(4) Experience for vehicles covered by private passenger auto insurance shall be consistent with data reported on lines 19.1, 19.2, and 21.1 of the P&C annual statement.
(5) Experience for workers' compensation insurance shall be consistent with data reported on line 16 of the P&C annual statement.
E. If the Commissioner requires suspension of policy cancellations and nonrenewals, a property and casualty insurer, the Maryland Automobile Insurance Fund, or the Joint Insurance Association may cancel or refuse to renew any policy, after proper notice is issued, if:
(1) All premiums due are not paid within 60 calendar days after the date of the expiration of the bulletin enacted pursuant to Regulation .05 of this chapter; or
(2) The policy would have been lawfully cancelled or nonrenewed for reasons other than nonpayment of premium if not for the suspension of all policy cancellations or nonrenewals.
F. Data supplied to the Commissioner under §A(3) of this regulation is confidential commercial data protected under State Government Article, §
10-617(d), Annotated Code of Maryland, except when aggregated with data from all other insurers in a manner that does not permit any individual company information to be identified.
G. A property and casualty insurer, the Maryland Automobile Insurance Fund, or the Joint Insurance Association may deduct any premium payments past due from a claim payment made to the insured under the insurance policy from the effective date of the bulletin issued pursuant to Regulation .05 of this chapter until 60 calendar days after the expiration of the bulletin.
