§ 32-106. Exemptions
West's Annotated Code of MarylandInsuranceEffective: January 1, 2018
Effective: January 1, 2018
MD Code, Insurance, § 32-106
§ 32-106. Exemptions
(a) A carrier is exempt from the requirements of this title if:
(b)(1) If a carrier qualifies for exemption under subsection (a)(1) of this section, but the insurance group of which the carrier is a member does not qualify for exemption under subsection (a)(2) of this section, then the ORSA Summary Report that is required under § 32-105 of this title shall include every carrier within the insurance group.
(c) If a carrier does not qualify for exemption under subsection (a)(1) of this section, but the insurance group of which it is a member qualifies for exemption under subsection (a)(2) of this section, then the only ORSA Summary Report required under § 32-105 of this title is the report that applies to that carrier.
(d)(1) A carrier that does not qualify for exemption under subsection (a) of this section may apply to the Commissioner for a waiver from the requirements of this title based on unique circumstances.
Commissioner may require troubled carrier to comply with title even if the carrier would qualify for exemption
(e) Notwithstanding the exemptions provided for in this section, the Commissioner may require that a carrier:
(f) If a carrier that qualifies for an exemption under subsection (a) of this section subsequently no longer qualifies for that exemption due to changes in premium as reflected in the carrier's most recent annual statement or in the most recent annual statements of the carriers within the insurance group of which the carrier is a member, the carrier shall have 1 year following the year the threshold is exceeded to comply with this title.
Credits
Added by Acts 2017, c. 36, § 1, eff. Jan. 1, 2018.
MD Code, Insurance, § 32-106, MD INSURANCE § 32-106
Current with legislation effective through June 1, 2023, from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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