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31.04.02.00.htm 31.04.02.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 04 INSURERS Chapter 02 Examination of Principal Management or Controllers of Insurers Authority: Health-General Article, §15-102.6, 19-705, 19-708, 19-7A-03, and 19-7A-04; Insurance Article, §2-109, 2-205(c) 4-108, 4-113(a)7)9) 7-304, 7-603, 8-412, 8-417, 14-109(3) and 14-405; Annotated Code of Maryland
31.04.02.01.htm 31.04.02.01. 01 Purpose and Scope.. The purpose of this chapter is to ensure protection of the public interest by providing for the evaluation of the suitability of certain individuals who exercise control of any substantial portion of certain entities that do insurance business in the State, including an insurer, health maintenance organization, managed care organization, fraternal benefit society, nonprofit health service plan, and dental plan organization. This chapter does not
31.04.02.02.htm 31.04.02.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Affiant” means an individual who certifies to the accuracy of statements made in a biographical affidavit.2) “Applicant” means a person who submits a biographical affidavit pursuant to Regulation .03A of this chapter.3) “Approved independent third party” means an independent third party as defined in §B(12) of this regulation that is on the currently approved indep
31.04.02.03.htm 31.04.02.03. 03 Biographical Affidavit.. A. Biographical affidavits shall be submitted on the individuals required by the applicable filing when:1) An entity files an application for a certificate of authority using the NAIC Uniform Certificate of Authority Primary Application;2) A foreign entity files an application for a certificate of authority using the Uniform Certificate of Authority Expansion Application;3) A foreign entity files an application to redomesticate to Maryland using
31.04.02.04.htm 31.04.02.04. 04 Biographical Affidavit and Disclosure Authorization Format.. A. Form. Each biographical affidavit required by this chapter shall be submitted to the Commissioner and the approved independent third party in a legible format, in the most recent form made available by the NAIC.B. Contents. The biographical affidavit requires an affiant to provide information, including the affiant’s employment history, education, personal information, and character.C. Date. Biographical aff
31.04.02.05.htm 31.04.02.05. 05 Considerations Regarding Independent Third Parties.. A. The applicant is responsible for selecting an independent third party to perform the verification of the information contained in all submitted biographical affidavits.B. When selecting the independent third party, the applicant:. 1) Must select an approved independent third party; and. 2) Is responsible for ensuring that the independent third party it selects is able to perform a complete investigation in the
31.04.02.06.htm 31.04.02.06. 06 Background Report.. A. Contents. A background report shall conform to the NAIC Background Investigation Guidelines and the Best Practices for NAIC Background Investigations for the preparation and content of the response from an approved independent third party.B. Submission Requirements.. 1) The background report shall be prepared by an approved independent third party.. 2) Background reports must be submitted directly to the Commissioner by the approved independent third party.
31.04.02.07.htm 31.04.02.07. 07 Review of Submitted Information.. The information contained in the biographical affidavit, the background report, and any other information deemed relevant by the Commissioner will be reviewed by the Commissioner to evaluate the suitability, competency, character, and integrity of the affiant. The review will also evaluate whether discrepancies or inconsistencies exist between information disclosed in the biographical affidavit and the background report and whether follow-up acti
31.04.02.9999.htm 31.04.02.9999. Administrative History Effective date: June 12, 1969. Regulation .03 amended effective October 23, 1995 (22:21 Md. R. 1615). Regulation .07 adopted and Appendix A repealed effective October 23, 1995 (22:21 Md. R. 1615) ―. Chapter recodified from COMAR 09.30.03 to COMAR 31.04.02, July 1998 ―. Chapter revised effective November 5, 2007 (34:22 Md. R. 1979) ―. Chapter revised effective October 1, 2016 (43:18 Md. R. 1018).
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