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§ 25-408. Powers and duties of Commissioner

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 25. Alternative Market Mechanisms
Subtitle 4. Maryland Property Insurance Availability Act (Refs & Annos)
MD Code, Insurance, § 25-408
§ 25-408. Powers and duties of Commissioner
In general
(a) The Commissioner shall have the same powers over the Association as are granted under this article with respect to domestic insurers that are authorized insurers.
Approval of rate structure by Commissioner
(b) If the Commissioner determines that the rate structure for policies of essential property insurance and homeowner's insurance offered by or through the Association does not compete with the rate structure of the voluntary insurance market in the State, the Commissioner shall approve the rate structure.
Monitor and review of financial condition of Association members
(c)(1) The Commissioner shall monitor and review the financial condition of Association members to ensure that the Association members are able to pay assessments that the Association may levy on them.
(2) The Commissioner may use the annual statements of Association members and other available data to monitor and review their financial condition.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 478F.
MD Code, Insurance, § 25-408, MD INSURANCE § 25-408
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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