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 31.13.01.09 - General Premium Rate Standards and Increased Rates

A. With respect to all premium rates not eligible for filing in accordance with the case method, the Commissioner will accept as meeting the standards of Insurance Article, § 13-110(b)(1) and (2), Annotated Code of Maryland, those premium rate filings which do not exceed prima facie premium rates stated in Regulations .10 - .11 and .14 - .15 of this chapter for the several categories of insurance described in those regulations. The prima facie premium rates in those regulations are based on the assumption that a policy fee, policy issue fee, certificate fee, or other additional charge will not be made.

B. Premium rates for use with forms which have more restrictive provisions than those described in Regulation .13 or .17 of this chapter, whichever is applicable, shall reflect those restrictions in a reduction in rates commensurate with the differences in claim costs which can reasonably be anticipated by reason of the restrictions. Filings in connection with a policy containing those restrictions shall be accompanied by credible statistics applicable to the policy form and shall require an application for specific approval as in the case of a filing made for increased rates.

C. Unless specific reference is made in these regulations to joint life insurance, all prima facie premium rates and standards and formulas for increased rates refer to individual policies and group certificates insuring single lives.

D. With respect to premium rates not eligible for filing in accordance with the case method, an insurer may file with the Commissioner an application for approval of rates higher than the prima facie premium rates for a single creditor or for one or more classes of business. The application shall specify the basis for the increased rate requested and shall be accompanied by credible statistics applicable to the business under consideration and by a demonstration that the requested rates are in conformity with, or less than, rates which would meet the guidelines for increased rates set forth in Regulation .18 of this chapter.

E. The Commissioner may grant approval of an increased rate for a stated period, or for an indefinite period until revoked by him on 90 days' notice. If a period is not specified in the Commissioner's notice of approval, an approval by the Commissioner of an increased rate shall be effective for a period of 1 year.