§ 14-121. Annual and interim statements and audited financial reports
West's Annotated Code of MarylandInsuranceEffective: October 1, 2010
Effective: October 1, 2010
MD Code, Insurance, § 14-121
§ 14-121. Annual and interim statements and audited financial reports
(a)(1) On or before March 1 of each year, unless the Commissioner extends the time for good cause, each nonprofit health service plan shall file with the Commissioner a complete statement of its financial condition, transactions, and affairs for the immediately preceding calendar year.
(b) At any time, the Commissioner may require a nonprofit health service plan doing business in the State to file an interim statement containing the information that the Commissioner considers necessary.
(c)(1)(i) Except as provided in paragraph (2) of this subsection, on or before June 1 of each year, a nonprofit health service plan shall file with the Commissioner an audited financial report for the immediately preceding calendar year.
(d) As part of the audited financial reports required under subsection (c)(3) of this section, each nonprofit health service plan shall:
(ii) consists of the financial statements of the nonprofit health service plan and each of its affiliates and subsidiaries, certified by an independent certified public accountant as to the financial condition, transactions, and affairs of the plan and its affiliates and subsidiaries for the immediately preceding calendar year;
(e) Unless the Commissioner extends the time for filing, a nonprofit health service plan that fails to file an audited financial report on or before June 10 shall pay a penalty of:
(f) The statements and reports required under this section shall be in the form required by the Commissioner.
(g) Whenever a corporation authorized under this subtitle makes a change that would result in a change in any of the information required under subsection (d) of this section, the corporation shall notify the Commissioner within 30 days after the change becomes effective.
Credits
Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997. Amended by Acts 2010, c. 120, § 1, eff. Oct. 1, 2010.
Formerly Art. 48A, § 357A.
MD Code, Insurance, § 14-121, MD INSURANCE § 14-121
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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