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31.08.15.00.htm 31.08.15.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 08 PROPERTY AND CASUALTY INSURANCE Chapter 15 Underwriting Period Authority: Insurance Article, §2-109, 11-205, 11-306, 12-106, and 19-406, Annotated Code of Maryland
31.08.15.01.htm 31.08.15.01. 01 Scope.. This chapter applies only to a binder or policy, other than a renewal policy, of personal insurance, commercial property insurance, or commercial liability insurance.
31.08.15.02.htm 31.08.15.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Delivery by electronic means” includes:. a) Delivery to an electronic mail address at which a party has consented to receive notice; and. b) Posting on an electronic network, together with separate notice to a party directed to the electronic mail address at which the party has consented to receive notice of the posting.2) Material Risk Factor..
31.08.15.03.htm 31.08.15.03. 03 Underwriting Period.. A. A binder or policy is subject to a 45-day underwriting period beginning on the effective date of coverage.B. With respect to an account that contains multiple binders or policies, each binder or policy in the account is subject to a separate 45-day underwriting period beginning on the effective date of coverage for that binder or policy.
31.08.15.04.htm 31.08.15.04. 04 Discovery of Material Risk Factor During Underwriting Period.. A. If an insurer discovers a material risk factor during the underwriting period, the insurer shall recalculate the premium for the policy or binder based on the material risk factor as long as the risk continues to meet the underwriting standards of the insurer in accordance with the rates and supplementary rating information filed under Insurance Article, Title 11, Subtitle 3, Annotated Code of Maryland.
31.08.15.05.htm 31.08.15.05. 05 Notice of Recalculated Premium Form.. Click here to view the below form..
31.08.15.06.htm 31.08.15.06. 06 Cancellation of Binder or Policy During Underwriting Period.. A. An insurer may cancel a binder or policy during the 45-day underwriting period if the risk does not meet the underwriting standards of the insurer.B. Cancellation for Reason Other than Nonpayment of Premium.. 1) Except as provided in §B(2) of this regulation, an insurer that cancels a policy or binder under this regulation for a reason other than nonpayment of premium shall:a) Provide the insured wi
31.08.15.07.htm 31.08.15.07. 07 Refund of Premium.. If an insured terminates a policy following receipt of a notice of recalculated premium, the insurer shall refund to the insured any premium paid by the insured on a pro rata basis.
31.08.15.08.htm 31.08.15.08. 08 Notice of Ability to Cancel Binder or Policy or Recalculate Premium.. At the time of application or when a binder or policy is issued, an insurer shall provide written notice of its ability to cancel a binder or policy or recalculate the premium from the effective date of the policy during the underwriting period.
31.08.15.09.htm 31.08.15.09. 09 Premium Audit.. Nothing in this chapter prohibits an insurer from:. A. Conducting an audit in accordance with the provisions of a policy; or. B. Charging and collecting the appropriate premium based on the results of the audit in accordance with the rates and supplementary rating information filed by the insurer under Insurance Article, Title 11, Subtitle 3, Annotated Code of Maryland.
31.08.15.9999.htm 31.08.15.9999. Administrative History Effective date: June 9, 2014 (41:11 Md. R. 606). Regulation .04 amended effective January 14, 2019 (46:1 Md. R. 13). Regulation .05 amended effective January 14, 2019 (46:1 Md. R. 13). Regulation .06B, C amended effective November 6, 2017 (44:22 Md. R. 1038).
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