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§ 24-211. Reporting requirements

West's Annotated Code of MarylandInsuranceEffective: April 5, 2018

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 24. State Created Mutual Societies and Other Entities (Refs & Annos)
Subtitle 2. Medical Mutual Liability Insurance Society of Maryland (Refs & Annos)
Effective: April 5, 2018
MD Code, Insurance, § 24-211
§ 24-211. Reporting requirements
In general
(a)(1) Not later than June 30 of each year, the Society shall report to the Commissioner and to the General Assembly:
(i) salaries and other compensation paid to officers, executives, and directors for the preceding calendar year;
(ii) a summary and detailed financial statement for the four preceding calendar years indicating amounts for and changes in:
1. insurance reserves and losses;
2. assets and liabilities;
3. income and expenses; and
4. return on invested surplus; and
(iii) management's evaluation of the financial position of the Society.
(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.
Information included in rate filing
(b) Any rate filing by the Society shall include the information required under subsection (a) of this section.
Distributions to members
(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.
(2)(i) To the extent the analysis required under paragraph (1) of this subsection determines that funds available for distribution are attributed to a year in which financial assistance is provided, the Commissioner shall order the Society to pay a portion of the distribution to the State.
(ii) The amount paid to the State shall be determined based on the ratio of State expenditures for financial assistance to total premiums earned for each premium year for which State financial assistance was made.

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 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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