§ 24-211. Reporting requirements
West's Annotated Code of MarylandInsuranceEffective: April 5, 2018
Effective: April 5, 2018
MD Code, Insurance, § 24-211
§ 24-211. Reporting requirements
(a)(1) Not later than June 30 of each year, the Society shall report to the Commissioner and to the General Assembly:
(2) The evaluation under paragraph (1)(iii) of this subsection shall include an analysis indicating whether sufficient resources exist to justify providing a dividend or similar distribution to members in the current year and, if not, how the current circumstances vary from prior years in which such distributions have been made.
(b) Any rate filing by the Society shall include the information required under subsection (a) of this section.
(c)(1) Before the Society may pay to its members a dividend or similar distribution, the Society shall provide to the Commissioner, using a methodology prescribed by the Commissioner, an analysis indicating the extent to which the distribution results from any excess of premiums collected over accumulated losses for incidents arising in any premium year during which the State provided financial assistance.
Credits
Added by Acts 2004, 1st Sp. Sess., c. 5, § 1, eff. Jan. 11, 2005. Amended by Acts 2005, c. 1, § 1, eff. April 1, 2005; Acts 2018, c. 12, § 1, eff. April 5, 2018.
MD Code, Insurance, § 24-211, MD INSURANCE § 24-211
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.
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