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§ 11-310. Waiting period for changes in rates or supplementary rate information

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 11. Insurance Rating Law
Subtitle 3. Competitive Rating (Refs & Annos)
Part II. Rate Making--in General
MD Code, Insurance, § 11-310
§ 11-310. Waiting period for changes in rates or supplementary rate information
In general
(a)(1) The Commissioner may adopt a rule that requires that subsequent changes in the rates or supplementary rate information for a kind or line of insurance, subdivision of a kind or line of insurance, or rating class or rating territory be filed with the Commissioner at least 30 working days before they become effective if the Commissioner finds that with respect to that kind, line, subdivision, rating class, or rating territory:
(i) competition is not an effective regulator of the rates charged;
(ii) a substantial number of insurers are competing irresponsibly through the rates charged; or
(iii) there are widespread violations of this subtitle.
(2) By written notice to the filer during the initial 30-day waiting period, the Commissioner may extend the waiting period for an additional period not exceeding 30 working days.
Duration of adopted rule
(b)(1) A rule adopted under this section may not remain in effect for more than 1 year after it is adopted.
(2) The Commissioner may renew a rule adopted under this section after a hearing and appropriate findings under this section.

Credits

Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997.
Formerly Art. 48A, § 244K.
MD Code, Insurance, § 11-310, MD INSURANCE § 11-310
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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