§ 2-209.2. Group-wide supervisor for internationally active insurance group
West's Annotated Code of MarylandInsuranceEffective: October 1, 2019
Effective: October 1, 2019
MD Code, Insurance, § 2-209.2
§ 2-209.2. Group-wide supervisor for internationally active insurance group
(b)(1) Subject to paragraph (2) of this subsection, the Commissioner is authorized to act as the group-wide supervisor for an internationally active insurance group in accordance with the provisions of this section.
(c) An insurance holding company system that does not otherwise qualify as an internationally active insurance group may request that the Commissioner make a determination or acknowledgment of a group-wide supervisor under this section for the insurance holding company system.
(d)(1)(i) Subject to subparagraph (ii) of this paragraph, in cooperation with other state, federal, and international regulatory agencies, the Commissioner shall identify a single group-wide supervisor for an internationally active insurance group.
(e)(1) Notwithstanding any other provision of law, when another regulatory official is the group-wide supervisor for an internationally active insurance group, the Commissioner shall acknowledge that regulatory official as the group-wide supervisor of the internationally active insurance group.
(2) The Commissioner shall make a determination or acknowledgment under subsection (d)(1)(ii) of this section as to the appropriate single group-wide supervisor for an internationally active insurance group in the event of a material change in the internationally active insurance group that results in:
Gathering information to determine group-wide supervisor; identification of internationally active insurance groups
(f)(1) In accordance with § 7-605 of this article, the Commissioner may collect from an insurer registered under Title 7, Subtitle 6 of this article information necessary for the Commissioner to determine whether the Commissioner may:
(2)(i) Subject to subparagraph (ii) of this paragraph, before issuing a determination that an internationally active insurance group is subject to group-wide supervision by the Commissioner, the Commissioner shall notify the insurer registered under Title 7, Subtitle 6 of this article that is a member of the internationally active insurance group and the ultimate controlling person within the internationally active insurance group.
(g)(1) If the Commissioner is the appropriate single group-wide supervisor for an internationally active insurance group, the Commissioner may:
(iii) coordinate and, through the authority of the regulatory officials of the jurisdictions where insurers, as members of the internationally active insurance group, are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to recognize and mitigate enterprise risks to insurers, as members of the internationally active insurance group, in a timely manner;
(iv) communicate with other state, federal, and international regulatory agencies for insurers, as members of the internationally active insurance group, and share relevant information, subject to the confidentiality provisions of § 7-106 of this article, through supervisory colleges under § 2-209.1 of this subtitle;
(v) subject to paragraph (2) of this subsection and to provide the basis for, or clarification of, the Commissioner's role as group-wide supervisor, enter into agreements with or obtain documentation from an insurer registered under Title 7, Subtitle 6 of this article, any member of the internationally active insurance group, or any other state, federal, or international regulatory agencies for members of the internationally active insurance group; and
(2)(i) Any agreements entered into or documentation obtained under paragraph (1)(v) of this subsection may not serve as evidence in any proceeding that any insurer or person of an insurance holding company system not domiciled or incorporated in the State is doing business in the State or is otherwise subject to jurisdiction in the State.
(h) If the Commissioner acknowledges that another regulatory official from a jurisdiction that is not accredited by the NAIC is the group-wide supervisor, the Commissioner may reasonably cooperate, through supervisory colleges or otherwise, with group-wide supervision undertaken by the group-wide supervisor, if:
(i) If a regulatory official from a jurisdiction that is not accredited by the NAIC is the group-wide supervisor but does not recognize or cooperate with the Commissioner's activities as a group-wide supervisor or is not reasonably reciprocal, the Commissioner may refuse recognition and cooperation.
(j) The Commissioner may enter into agreements with or obtain documentation from:
(k) A registered insurer subject to this section shall be liable for, and shall pay, the reasonable expenses of the Commissioner's participation in the administration of this section, including the engagement of attorneys, actuaries, and any other professionals and reasonable travel expenses.
Credits
Added by Acts 2019, c. 104, § 1, eff. Oct. 1, 2019.
MD Code, Insurance, § 2-209.2, MD INSURANCE § 2-209.2
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |