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31.07.01.00.htm 31.07.01.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 07 INSURANCE RATING LAW Chapter 01 Property, Casualty, Surety, and Marine Rating, and Supplementary Information Filings Authority: Insurance Article, §2-109, 11-206, and 11-218, Annotated Code of Maryland
31.07.01.01.htm 31.07.01.01. 01 Purpose.. Pursuant to Insurance Article, §11-206, 11-307, 11-329, and 11-330, Annotated Code of Maryland, rate filings made by individual insurers may incorporate the experience of rating organizations. The experience includes statistical data, prospective loss costs, and supporting information, as defined in this chapter. The purpose of this chapter is to establish what additional information shall be provided to the Commissioner by insurers which incorpo
31.07.01.02.htm 31.07.01.02. 02 Scope.. This chapter applies to rate filings made pursuant to Insurance Article, Title 11, Subtitle 2 and Subtitle 3, Annotated Code of Maryland.
31.07.01.03.htm 31.07.01.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Expenses" means that portion of a rate attributable to acquisition, field supervision, collection and general expenses, taxes, licenses, and fees.2) "Prospective loss cost" means that portion of a rate exclusive of profit or expenses, other than loss adjustment expenses, which is based on historical aggregate losses and loss adjustment expenses adjusted through develop
31.07.01.04.htm 31.07.01.04. 04 Rating Organization Reference Filings of Advisory Prospective Loss Costs.. A. Rating organizations may develop and make reference filings containing advisory prospective loss costs. These filings shall contain the statistical data and supporting information, calculations, and assumptions underlying those prospective loss costs. Reference filings shall be filed and become effective in accordance with the provisions of Insurance Article, §11-206, 11-307, 11-329, and 11-330
31.07.01.05.htm 31.07.01.05. 05 Required Documents.. A. An insurer filing which refers to or incorporates a rating organization's reference filing of prospective loss costs shall include the following:1) Reference filing adoption form as set forth in Regulation .08 of this chapter, or the NAIC Loss Cost Filing Documents titled "Other than Workers' Compensation" "For Workers' Compensation" and "NAIC Expense Constant Supplem2) Summary of supporting information as set forth in Regulation .08 of this chapter; and.
31.07.01.06.htm 31.07.01.06. 06 Rating Organization Filings of Advisory Supplementary Rate Information.. A. Rating organizations may develop and make filings of supplementary rate information in accordance with Insurance Article, §11-206 and 11-307, Annotated Code of Maryland.B. An insurer may satisfy its obligation to make filings of supplementary rate information by becoming a member of, or a subscriber to, a licensed rating organization and by authorizing the Commissioner to accept the filings
31.07.01.07.htm 31.07.01.07. 07 Existing Rates and Deviations Remain in Effect Until Disapproved, Replaced, or Modified.. Nothing in these regulations shall be construed to require any rating organization or member or subscriber insurer to refile any rates in effect. Any member or subscriber to a licensed rating organization is authorized to continue to use all rates and deviations in effect until such time as these rates are disapproved, replaced, or modified or the insurer submits an indepe
31.07.01.08.htm 31.07.01.08. 08 Forms.. A. Reference Filing Adoption Form.. Date _. Space Reserved for Insurance Department Use. Insurer Rate Filing Adoption of Rating Organization Prospective Loss Costs Reference Filing Adoption Form State of Maryland1. Insurer Name. Address. Person Responsible for Filing. Title _. Telephone # _. 2. Insurer NAIC #. 3. Line of Insurance. 4. Rating Organization. 5. Rating Organization Reference Filing #. 6. The above insurer hereby declares that it is a member, subscriber or ser
31.07.01.9999.htm 31.07.01.9999. Administrative History Effective date: July 12, 1927. Amended effective May 1, 1968. Chapter, Industrial Life, Health, and Accident Insurance Agents ― Employment on Debit on Which He Previously Worked, repealed effective February 22, 1988 (15:4 Md. R. 472) ―Regulations .01―08, Property, Casualty, Surety, and Marine Rating, and Supplementary Information Filings, adopted as an emergency provision effective July 1, 1990 (17:15 Md. R. 1845) emergency status expired October 31, 1990;
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