Home Table of Contents

§ 14-107. Failure to comply with fund transfer requirements

West's Annotated Code of MarylandInsuranceEffective: July 1, 2016

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 14. Entities that Act as Health Insurers
Subtitle 1. Nonprofit Health Service Plans (Refs & Annos)
Part I. Definitions; General Provisions
Effective: July 1, 2016
MD Code, Insurance, § 14-107
§ 14-107. Failure to comply with fund transfer requirements
Currentness
Reporting requirements
(a) By November 1 of each year, the Commissioner shall issue an order notifying each nonprofit health service plan that is required to file a report under § 14-106 of this subtitle of whether the plan has satisfied the requirements of § 14-106 of this subtitle.
Orders from Commissioner requiring payment of premium tax
(b) If the Commissioner determines that a nonprofit health service plan has not satisfied the requirements of § 14-106 of this subtitle, the Commissioner shall issue an order requiring the nonprofit health service plan to pay the premium tax under Title 6, Subtitle 1 of this article:
(1) for a period of time beginning with the date the plan was determined to be out of compliance with § 14-106 of this subtitle; and
(2) in an amount equal to the amount by which the value of the nonprofit health service plan's premium tax exemption under § 6-101(b) of this article exceeds the sum of:
(i) the subsidy required under the Senior Prescription Drug Assistance Program established under Title 15, Subtitle 10 of the Health--General Article; and
(ii) other funds used by the nonprofit health service plan to meet the public service requirement under § 14-106 of this subtitle.
Penalties for failure to timely file report
(c) A nonprofit health service plan that fails to timely file the report required under § 14-106 of this subtitle shall pay the penalties under § 14-121 of this subtitle.
Right to hearing
(d) A party aggrieved by an order of the Commissioner issued under this section has a right to a hearing in accordance with §§ 2-210 through 2-215 of this article.
Premium tax revenues deposited into Senior Prescription Drug Assistance Program Fund
(e) Premium tax revenue collected by the Administration as the result of an order issued under subsection (b) of this section shall be deposited into the Senior Prescription Drug Assistance Program Fund established under § 15-1004 of the Health--General Article.

Credits

Added by Acts 2001, c. 178, § 1, eff. Oct. 1, 2001. Amended by Acts 2002, c. 19, § 1, eff. April 9, 2002; Acts 2003, c. 356, § 1, eff. May 22, 2003; Acts 2003, c. 357, § 1, eff. May 22, 2003; Acts 2005, c. 25, § 13, eff. April 12, 2005; Acts 2016, c. 321, § 3, eff. July 1, 2016.
MD Code, Insurance, § 14-107, MD INSURANCE § 14-107
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.
End of Document