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31.04.06.00.htm 31.04.06.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 04 INSURERS Chapter 06 Conflict of Interests Authority: Insurance Article, §2-109, 4-113(a)7)9) and 4-116, Annotated Code of Maryland
31.04.06.01.htm 31.04.06.01. 01 Interrogatory.. In order to assure disclosure of possible conflict of interests, foreign and domestic companies shall be able to answer in the affirmative the following interrogatory which is contained in the “General Interrogatories” section of the National Association of Insurance Commissioners (NAIC) annual statement:Has the reporting entity an established procedure for disclosure to its board of directors or trustees of any material interest or affiliation on the
31.04.06.02.htm 31.04.06.02. 02 Company Policy and Statements.. A. All companies, both foreign and domestic, shall have ready for convenient inspection by examiners from this Administration both of the following:1) A board of directors' or trustees' resolution or bylaw setting forth the company's policy as to disclosure of a possible conflict of interest;2) Questionnaires completed and signed annually by officers, directors, trustees, and responsible employees.B. The following two samples meet Insurance Admini
31.04.06.03.htm 31.04.06.03. 03 Sample Board of Directors' or Trustees' Resolution or Bylaw.. 1) Be It Resolved That all Officers, Directors, Trustees and Employees of the Company in their transactions with others are expected to act in the best interests of the Company and not for their own advantage.2) Resolved Further, That this policy requires that―. a) Officers, Directors, Trustees and Responsible Employees and members of their families must have no relationships nor engage in any activities that
31.04.06.04.htm 31.04.06.04. 04 Sample Questionnaire.. 1) Do you or does any member of your family have any relationships or engage in any activities that might impair your independence of judgment concerning Company business?Yes _ No_. 2) Do you or does any member of your family have any personal financial interests that might impair your independence of judgment or influence your decisions or actions concerning Company business in the direction of such personal financial interests?Yes_ No_.
31.04.06.9999.htm 31.04.06.9999. Administrative History Effective date: January 30, 1968. Amended effective May 1, 1968 ―. Chapter recodified from COMAR 09.30.08 to COMAR 31.04.06, July 1998. Regulation .01 amended effective June 20, 2016 (43:12 Md. R. 668). Regulation .03 amended effective February 12, 2007 (34:3 Md. R. 303).
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