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§ 11-225. Examinations of rating organizations and other entities

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 11. Insurance Rating Law
Subtitle 2. Prior Approval Rate Making (Refs & Annos)
Part V. Administrative Provisions
MD Code, Insurance, § 11-225
§ 11-225. Examinations of rating organizations and other entities
Currentness
In general
(a)(1) At least once every 5 years, the Commissioner shall make an examination of each rating organization licensed in the State.
(2) Whenever the Commissioner considers it expedient, the Commissioner may make an examination of each advisory organization and each group, association, or other organization that engages in joint underwriting or joint reinsurance.
Costs of examination paid by examined entity
(b) The entity examined shall pay the reasonable costs of an examination on presentation to it of a detailed account of the costs.
Officers, manager, agents, and employees of entity subject to examination
(c) The officers, manager, agents, and employees of the entity examined may be examined at any time under oath and shall exhibit all books, records, accounts, documents, or agreements that govern the entity's methods of operation.
Examination reports made by supervisory officials of other states
(d) Instead of making an examination under this section, the Commissioner may accept the report of an examination made by the insurance supervisory official of another state under the laws of that state.

Credits

Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997.
Formerly Art. 48A, § 242.
MD Code, Insurance, § 11-225, MD INSURANCE § 11-225
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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