Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 13 - CREDIT LIFE AND CREDIT HEALTH INSURANCE
Chapter 31.13.03 - Standards for Credit Involuntary Unemployment Benefit Insurance
Section 31.13.03.07 - Rate Changes and Creditor-Paid Insurance
Universal Citation: MD Code Reg 31.13.03.07
Current through Register Vol. 51, No. 19, September 20, 2024
A. Premium rates under a group policy of credit involuntary unemployment benefit insurance may not be increased more than once during the first policy year, and a subsequent increased rate may not be charged within 12 months of any prior change in rates.
B. Monthly Premium Insurance.
(1) In a policy of monthly premium insurance, a change in rates may not be made effective until 31 days after all existing debtors in the group have been notified of any increased charge that they will be required to pay as a result of the change in rates.
(2) The notice required by §B(1) of this regulation shall be deemed to be satisfied if the insurer:
(a) Notifies the creditor of the increased charge;
(b) Provides the creditor with the necessary forms to be mailed by the creditor to the debtors advising them of the increased charge; and
(c) Verifies that the creditor has mailed the notices to the debtors.
C. An insurer may file for approval of policy forms and premium rates for creditor-paid insurance on a basis other than that established by these regulations upon a showing satisfactory to the Commissioner that the:
(1) Forms and rates meet the requirements of Insurance Article, Title 13, Subtitle 1, Annotated Code of Maryland; and
(2) Rates are actuarially consistent with rates prescribed by this chapter for other forms of credit involuntary unemployment benefit insurance.
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
