§ 19-212. Plan for orderly reduction in advance of material reductions
West's Annotated Code of MarylandInsuranceEffective: October 1, 2008
Effective: October 1, 2008
MD Code, Insurance, § 19-212
§ 19-212. Plan for orderly reduction in advance of material reductions
(2)(i) “Material reduction” means during a 1-year period a reduction of homeowner's insurance policies in force for an insurer on a statewide basis by 3% or more due to cancellations or nonrenewals solely because the subject of the risk or the insured's address is located in a certain geographic area of the State.
(b)(1) At least 60 days in advance of implementing a plan of material reduction, an insurer shall file with the Commissioner a plan for orderly reduction.
(c)(1) Except as provided in this section, a filing under this section may not take effect until 60 days after it is filed with the Commissioner.
(d) If the Commissioner finds that compliance with subsection (b) of this section would result in impairment of the insurer or a significant financial loss to the insurer, the Commissioner may allow an insurer to implement its plan of material reduction within 60 days after the filing of the plan.
(e) The Commissioner shall approve the plan of material reduction if the insurer demonstrates that the material reduction is accomplished in a manner that minimizes market disruption in the areas of material reduction.
(f) In reviewing a plan of material reduction, the Commissioner shall assess the impact of the plan of material reduction in:
(g)(1) If the Commissioner disapproves the plan of material reduction, the Commissioner shall state:
Credits
Added by Acts 2008, c. 540, § 1, eff. Oct. 1, 2008.
MD Code, Insurance, § 19-212, MD INSURANCE § 19-212
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 |