Home Table of Contents

§ 31-107.1. Trust account for premium payments

West's Annotated Code of MarylandInsuranceEffective: June 1, 2013

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 31. Maryland Health Benefit Exchange (Refs & Annos)
Subtitle 1--Maryland Health Benefit Exchange (Refs & Annos)
Effective: June 1, 2013
MD Code, Insurance, § 31-107.1
§ 31-107.1. Trust account for premium payments
Currentness
In general
(a) The Board shall establish a trust account to hold premium payments accepted from qualified plan enrollees and small employers by the Exchange on behalf of a carrier under contract or other agreement.
Trust account used only to hold premium payments
(b) The trust account may be used only to hold a premium payment until the Exchange transmits the premium payment to the carrier on whose behalf the Exchange accepted the premium payment.
Maintenance of separate records of account for each carrier
(c) The Exchange shall maintain separate records of account for each carrier on whose behalf it accepts premium payments.
Payment of premium to Exchange deemed payment to carrier
(d) The payment of a premium by an enrollee or a small employer to the Exchange is deemed to be a payment to the carrier on whose behalf the Exchange accepted the premium payment.

Credits

Added by Acts 2013, c. 159, § 2, eff. June 1, 2013.
MD Code, Insurance, § 31-107.1, MD INSURANCE § 31-107.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document