Section 25-307 – Determining Financial Condition of Group
The Commissioner may: (1) require actuarial studies and audits to determine the financial solvency of each self-insurance group as often as the Commissioner desires; (2) assess each self-insurance group an annual amount of not more than $500 to be used for the actuarial studies and audits; and (3) require an annual report that may include payroll audit reports, […]
Section 25-107 – Insurance Producers
(a) A person must obtain a license from the Commissioner before the person acts or offers to act as an insurance producer for a risk retention group or purchasing group that solicits members, sells insurance coverage, purchases coverage for its members that are located in the State, or otherwise does business in the State. (b) (1) Each insurance […]
Section 25-308 – Penalties for Violations
(a) (1) After notice and opportunity for a hearing, the Commissioner may impose a monetary penalty on a person or self–insurance group that the Commissioner finds to be in violation of this subtitle or a regulation adopted under this subtitle. (2) A monetary penalty imposed under this subsection may not exceed $1,000 for each violation or $10,000 in […]
Section 25-108 – Powers of Commissioner
(a) The Commissioner may exercise any powers granted by this article to enforce the laws of the State if the powers are not specifically preempted by the federal Product Liability Risk Retention Act of 1981 as amended by the risk retention amendments of 1986. (b) The Commissioner may adopt regulations relating to risk retention groups to carry […]
Section 25-401 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Association” means the Joint Insurance Association. (c) “Association member” means an insurer that is licensed to write in the State, on a direct basis, essential property insurance or a component of essential property insurance in multi-peril policies. (d) (1) “Essential property insurance” means insurance against direct loss to […]
Section 25-109 – Enforcement of United States District Court Order
On a finding that a risk retention group is in a hazardous financial condition or is financially impaired, an order issued by a District Court of the United States that enjoins the risk retention group from soliciting or selling insurance or operating in a state, in all states, or in a territory or possession of […]
Section 25-402 – Purposes of Subtitle
The purposes of this subtitle are: (1) to authorize and establish: (i) the Joint Insurance Association; (ii) a program to make essential property insurance available from the Association to qualified applicants with the least possible administrative detail and expense; and (iii) a program to make the homeowner’s insurance that is provided by the Association available to qualified applicants with […]
Section 25-110 – Fines and Penalties
A risk retention group that violates any provision of this subtitle is subject to fines and penalties applicable to licensed insurers generally, including revocation of its license and the right to do business in the State.
Section 25-111 – Short Title
This subtitle is the Maryland Risk Retention Act.
Section 25-201 – Purpose of Subtitle
The purpose of this subtitle is to allow employees of small farms to be entitled to protection under the Maryland Workers’ Compensation Act.