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 31.13.01.29 - Change of Insurers - Reporting Requirements - Coverage and Rates
Universal Citation: MD Code Reg 31.13.01.29
Current through Register Vol. 51, No. 19, September 20, 2024
A. Insurers That Cease to Offer Credit Insurance. Within 90 days after an insurer ceases to offer credit insurance through a case, the insurer shall notify the Commissioner of:
(1) The name of the creditor;
(2) Each coverage no longer offered;
(3) he date on which the coverage ceased to be offered; and
(4) The current approved premium rate applicable to each coverage no longer offered.
B. Insurers That Begin to Offer Credit Insurance.
(1) At the end of a calendar year in which an insurer has begun to offer credit insurance for which premium rates have not yet been established by the case method but for which a prior insurer submitted notification of a new case required by Regulation .06A(3) and (4) of this chapter, the insurer shall:
(a) File the report for the case required by Regulation .06A(2) of this chapter; and
(b) Submit the insurer's experience and the experience of the prior insurer for the experience period even if the account did not qualify as a case for the most recent policy year.
(2) An insurer that is required to submit its experience and the experience of a prior insurer under §B(1) of this regulation shall submit the experience of each insurer:
(a) Separately by year; and
(b) As a total for a 2-year period.
(3) The Commissioner shall notify an insurer if a report for a case is required to be filed under §B(2) of this regulation.
(4) If an insurer begins to offer credit insurance through a case during an experience period for which premium rates were established for a prior insurer by the case method, the insurer shall certify to the Commissioner that the insurer will not charge premium rates that exceed the rates permitted under Regulation .08E of this chapter.
(5) If an insurer begins to offer credit insurance for a case after the end of a previously established experience period but before the effective date of new premium rates approved by the Commissioner based on that experience period, the:
(a) Commissioner shall, when new premium rates are established, send written notice of the new premium rates to the insurer, stating an effective date that provides the insurer at least 30 days notice; and
(b) Insurer shall:
(i) Beginning not later than the effective date established by the Commissioner, use premium rates not greater than the new premium rates approved by the Commissioner; and
(ii) At the end of the experience period stated by the Commissioner, file the report for the case required by Regulation .06A(2) of this chapter, submitting the experience of the former insurer and the insurer's own experience for the term of the experience period in order to determine subsequent rates for the account.
(6) An insurer that is required to submit its experience and the experience of a former insurer under §B(5)(b)(ii) of this regulation shall submit the experience of each insurer:
(a) Separately by year; and
(b) As a total for a 2-year period.
(7) On the request of a succeeding insurer, a prior insurer shall provide the succeeding insurer with any experience information of the prior insurer that the succeeding insurer needs to meet the requirements of this section.
Disclaimer: These regulations may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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