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31.04.20.00.htm 31.04.20.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 04 INSURERS Chapter 20 Market Conduct Actions Authority: Insurance Article, §2-109 and 12-203(d)2) Annotated Code of Maryland
31.04.20.01.htm 31.04.20.01. 01 Applicability.. A. This chapter establishes the process and procedures for market conduct actions.. B. This chapter does not apply to the examination or investigation of:. 1) A person's financial condition as described in Insurance Article, Titles 5, 6, 7, and 9, Annotated Code of Maryland, as well as COMAR 31.04, 31.05, and 31.06; or2) An insurance producer..
31.04.20.02.htm 31.04.20.02. 02 Scope.. Nothing in this chapter limits the Commissioner's authority to conduct an analysis, investigation, or examination, or to issue orders pursuant to law. All applicable provisions, including the confidentiality provisions, of Insurance Article, Annotated Code of Maryland, apply to market conduct actions.
31.04.20.03.htm 31.04.20.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Analysis" has the meaning stated in Insurance Article, §2-205(a) Annotated Code of Maryland.. 2) "Business practices" means the operations, policies, procedures and other activities or administrative methods used by a person to conduct business.3) "Commissioner" means the Insurance Commissioner of Maryland or the Insurance Commissioner's designee.4) "Complaint" means a wr
31.04.20.04.htm 31.04.20.04. 04 Market Conduct Action.. A. Whenever the Commissioner has the authority to conduct an analysis, examination, or investigation of a person's business practices, the Commissioner may conduct a market conduct action.B. The Commissioner may conduct a market conduct action:. 1) Based on a complaint;. 2) As authorized by law;. 3) Whenever the Commissioner considers it is advisable; or. 4) With other states.. C. If the Commissioner determines information is needed from a person to co
31.04.20.05.htm 31.04.20.05. 05 Information.. A. The Commissioner may request accounts, records, documents, files, or other information needed to complete a market conduct action.B. The Commissioner may include a reference to the applicable law pertaining to the request.. C. The Commissioner may request information through:. 1) A survey;. 2) An interrogatory;. 3) An interview; or. 4) Any other procedure identified by the Commissioner.. D. Whenever a person receives a request from the Commissioner for informati
31.04.20.06.htm 31.04.20.06. 06 Market Conduct Examination.. A. The Commissioner shall conduct a market conduct examination in accordance with this regulation.. B. The Commissioner shall notify the person subject to the market conduct examination, in writing, that a market conduct examination has commenced.C. The Commissioner's notification that a market conduct examination has commenced shall:. 1) Specify the lines of insurance, scope, intent, and period covered by the market conduct examination;
31.04.20.07.htm 31.04.20.07. 07 Market Conduct Examination Report.. A. Whenever a market conduct examination is conducted pursuant to Regulation .06 of this chapter, the Commissioner shall:1) Provide the person with a copy of the draft proposed market conduct examination report;. 2) Allow the person to submit written comments on the draft proposed market conduct examination report within 30 days after the receipt of the draft proposed market conduct examination report, or the period specified by the C
31.04.20.08.htm 31.04.20.08. 08 Commissioner's Actions.. A. Based on the information reviewed during a market conduct analysis the Commissioner may, in the Commissioner's sole discretion:1) Broaden the scope and period of the market conduct analysis;. 2) Conduct a market conduct investigation or market conduct examination;. 3) Issue an order; or. 4) Take any other action authorized or reasonably implied by Insurance Article, Annotated Code of Maryland.B. If the Commissioner conducts a market conduct i
31.04.20.09.htm 31.04.20.09. 09 Sanctions.. If a person subject to this chapter fails to provide the information requested by the Commissioner in accordance with this chapter, the person may be subject to an administrative fine not exceeding $500 per day, in addition to any other penalty available to the Commissioner.
31.04.20.10.htm 31.04.20.10. 10 Hearings.. A. A person aggrieved by an order or proposed market conduct examination report may request a hearing in accordance with the provisions of COMAR 31.02.01.B. Except as otherwise provided by law, a person may not rely on any information not timely provided in accordance with Regulation .06G of this chapter in any hearing held on an order or proposed market conduct examination report.
31.04.20.9999.htm 31.04.20.9999. Administrative History Effective date: April 5, 2010 (37:7 Md. R. 576).
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