Section 32-102 – Purposes; Applicability
(a) The purposes of this title are to: (1) require a carrier or insurance group to maintain a risk management framework and complete an ORSA; (2) set the requirements for filing an ORSA Summary Report with the Commissioner; and (3) provide for the confidential treatment of the ORSA, the ORSA Summary Report, and other ORSA–related information. (b) This title applies […]
Section 32-103 – Maintenance of Risk Management Framework
(a) Each carrier subject to this title shall maintain a risk management framework for identifying, assessing, monitoring, managing, and reporting its material and relevant risks. (b) A carrier may satisfy this requirement if the insurance group of which the carrier is a member maintains a risk management framework that applies to the operations of the carrier.
Section 32-104 – Orsa to Be Conducted
(a) Subject to § 32–106 of this title, a carrier, or the insurance group of which the carrier is a member, shall regularly conduct an ORSA consistent with the process outlined in the ORSA Guidance Manual. (b) The ORSA shall be conducted: (1) regularly, but not less than once each year; and (2) at any time when there is […]
Section 32-105 – Summary Report or Reports
(a) On request of the Commissioner, but not more than once each year, a carrier shall submit to the Commissioner an ORSA Summary Report or a combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the carrier or the insurance group of which the carrier is a member. (b) Notwithstanding […]
Section 32-106 – Exemptions
(a) A carrier is exempt from the requirements of this title if: (1) the carrier has annual direct written and unaffiliated assumed premium less than $500,000,000, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program; and (2) the insurance group of which the carrier is a member […]
Section 32-107 – Orsa Summary Report
(a) The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual. (b) Documentation and supporting information for the ORSA Summary Report shall be maintained and made available on examination or request of the Commissioner. (c) (1) The Commissioner shall review the ORSA Summary Report. (2) The Commissioner shall make any requests for additional information using procedures similar […]
Section 32-108 – Confidentiality Requirements
(a) (1) ORSA–related information, including the ORSA Summary Report, in the possession or control of the Commissioner that is obtained by, created by, or disclosed to the Commissioner or any other person under this title: (i) is confidential and privileged; (ii) is not subject to Title 4 of the General Provisions Article; (iii) is not subject to subpoena; and (iv) is […]
Section 32-109 – Penalties for Noncompliance
(a) Subject to § 2–210 of this article, a carrier that, without just cause, fails to timely file an ORSA Summary Report as required by this title is subject to a penalty of $200 for each day the violation continues, up to a maximum of $25,000. (b) The Commissioner may reduce the penalty under subsection (a) of […]
Section 32-110 – Regulations
The Commissioner may adopt regulations consistent with this title.
Section 31-114 – Specific Financial Support for Services Not Required
(a) Nothing in this subtitle requires the Maryland Medical Assistance Program or the Maryland Children’s Health Program to provide any specific financial support to the Individual Exchange for the services provided by an Individual Exchange navigator or an Individual Exchange connector entity. (b) The financing arrangements between the Individual Exchange, the Maryland Medical Assistance Program, and the […]