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31.08.12.00.htm 31.08.12.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 08 PROPERTY AND CASUALTY INSURANCE Chapter 12 Temporary Moratoriums and Weather Events Authority: Insurance Article, ยง2-108, 2-109, 19-107, and 27-501, Annotated Code of Maryland
31.08.12.01.htm 31.08.12.01. 01 Purpose.. The purpose of this chapter is to ensure that all authorized insurers that utilize temporary moratoriums on the writing of property and casualty insurance, the addition of endorsements for additional coverages, or other policy changes do so in a way that balances the interests of consumers, insurers, producers, and Maryland businesses.
31.08.12.02.htm 31.08.12.02. 02 Filing a Temporary Moratorium Protocol.. A. An insurer that intends to activate a temporary moratorium in response to an event or emergency listed in Regulation .03C of this chapter shall file its moratorium protocol with the Administration.B. The moratorium protocol shall:. 1) Be filed with the Commissioner as an underwriting standard or as a rating rule prior to its use;. 2) Be filed for all lines of insurance business to which the underwriting standard or rating rule applies;
31.08.12.03.htm 31.08.12.03. 03 Moratorium Protocol.. A. An insurer shall design a temporary moratorium protocol to have the least impact on the conduct of insurance business throughout the State as reasonably possible.B. An insurer may not utilize the activation of a temporary moratorium to suspend the binding or writing of all of its lines of insurance business unless the suspension is reasonably related to the event or emergency that triggered the activation of the temporary moratorium.
31.08.12.04.htm 31.08.12.04. 04 Exceptions.. An insurer may not utilize the activation of a temporary moratorium to deny binding authority or coverage for the following transactions:A. Property insurance that was bound prior to the activation of the temporary moratorium;. B. Automobile liability insurance purchased in connection with the purchase of a new or used motor vehicle by a consumer;C. Issuance of a policy for which the risk of loss is unrelated to the events or emergencies listed
31.08.12.05.htm 31.08.12.05. 05 Deactivating a Temporary Moratorium.. A. An insurer shall regularly monitor its activated temporary moratorium.. B. A temporary moratorium that is activated based on an event listed under Regulation .03C(1) of this chapter may not continue for more than 24 hours after the termination of the last hurricane or tropical storm watch, warning, or advisory issued by the National Weather Service for part of the State or the entire State.C. Earthquake.. 1) A temporary moratorium
31.08.12.9999.htm 31.08.12.9999. Administrative History Effective date: March 22, 2010 (37:6 Md. R. 480). Regulation .02 amended effective April 14, 2014 (41:7 Md. R. 423). Regulation .03 amended effective April 14, 2014 (41:7 Md. R. 423). Regulation .04 amended effective April 14, 2014 (41:7 Md. R. 423). Regulation .05 amended effective April 14, 2014 (41:7 Md. R. 423). Regulation .06 amended effective April 14, 2014 (41:7 Md. R. 423). Regulation .06 repealed effective November 24, 2016 (43:23 Md. R. 1281).
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