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§ 2-205. Examination of insurers, rating organizations, and health maintenance organizations

West's Annotated Code of MarylandInsuranceEffective: October 1, 2007

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 2. Maryland Insurance Administration
Subtitle 2. Enforcement (Refs & Annos)
Effective: October 1, 2007
MD Code, Insurance, § 2-205
§ 2-205. Examination of insurers, rating organizations, and health maintenance organizations
Currentness
Analysis defined
(a) In this section, “analysis” means a process by which the Commissioner collects and analyzes information from filed schedules, surveys, required reports specified in subsection (b) of this section, and other sources in order to:
(1) develop an understanding of the affairs, transactions, accounts, records, assets, and financial condition of the entities specified in subsection (b) of this section; or
(2) identify or investigate patterns or practices of the entities specified in subsection (b) of this section.
Analysis or examination done by Commissioner
(b)(1) Whenever the Commissioner considers it advisable, the Commissioner shall conduct an analysis or examine the affairs, transactions, accounts, records, assets, and financial condition of each:
(i) authorized insurer;
(ii) management company of an authorized insurer;
(iii) subsidiary owned or controlled by an authorized insurer;
(iv) rating organization; or
(v) authorized health maintenance organization.
(2) The Commissioner shall examine each domestic insurer and health maintenance organization at least once every 5 years.
Insurers and health maintenance organizations subject to examination
(c) The Commissioner shall examine the affairs, transactions, accounts, records, and assets of:
(1) each insurer and each health maintenance organization that applies for an original certificate of authority to do business in the State; and
(2) each rating organization that applies for a license to do business in the State.
Examination of reciprocal insurer
(d) When examining a reciprocal insurer, the Commissioner may examine the attorney in fact of the reciprocal insurer to the extent that the transactions of the attorney in fact relate to the reciprocal insurer.
Limit to examination of alien insurers
(e) The Commissioner may limit the examination of an alien insurer to its insurance transactions and affairs in the United States.
Acceptance of full report in place of examination
(f) Instead of conducting an examination, the Commissioner may accept a full report, certified by the insurance supervisory official of another state, of the most recent examination of a foreign insurer or health maintenance organization, alien insurer or health maintenance organization, or an out-of-state rating organization.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1996, c. 547, § 2, eff. Oct. 1, 1997; Acts 2000, c. 465, § 2, eff. May 11, 2000; Acts 2007, c. 110, § 1, eff. Oct. 1, 2007.
Formerly Art. 48A, § 30.
MD Code, Insurance, § 2-205, MD INSURANCE § 2-205
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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