Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 13 - CREDIT LIFE AND CREDIT HEALTH INSURANCE
Chapter 31.13.01 - Standards for Credit Life and Credit Health Insurance
Section 31.13.01.01 - Purpose
Current through Register Vol. 51, No. 19, September 20, 2024
The purpose of this chapter is to:
A. Establish standards for premium rates for credit life and credit health insurance which are neither excessive nor inadequate in relation to benefits, giving due consideration to past and expected loss experience within and outside of this State, to underwriting practice and judgement, to past and prospective expense factors, to a reasonable margin for profit and contingencies, and to other relevant factors; and
B. Regulate certain other aspects of the credit life and credit health insurance business in order to assure that the credit life and credit health insurance operations of an insurer do not endanger the solvency of the insurer so as to render its transaction of business hazardous to its policyholders or the public, and do not adversely affect other classes of business of the insurer.
