Skip to Main Content
<< Back | Return to Main COMAR Search Page

9 records match your request.

FileAbstract
31.10.14.00.htm 31.10.14.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 10 HEALTH INSURANCE ― GENERAL Chapter 14 Minimum Loss Ratio with Respect to Specified Disease Policies Authority: Insurance Article, §2-109, 12-203―12-205, and 15-109, Annotated Code of Maryland
31.10.14.01.htm 31.10.14.01. 01 Purpose.. The purpose of this chapter is to establish minimum loss ratios with respect to specified disease policies in order to assure that the benefits provided in those policies are reasonable in relation to the premium charged and may be approved under the requirements of Insurance Article, 12-203-12-205, and 15-109, Annotated Code of Maryland.
31.10.14.02.htm 31.10.14.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Claim reserve" means the sum of the present value of amounts not yet due on claims plus the reserve for future contingent benefits included in Exhibit 9, Part B of the Annual Statement. All numerical references to the Annual Statement in this regulation are to the National Association of Insurance Commissioners form for Life and Accident and Health insurers, current edition.
31.10.14.03.htm 31.10.14.03. 03 Minimum Loss Ratio.. A. In order to assure that benefits under specified disease policies are reasonable in relation to the premium charged, the insurer shall establish premiums for specified disease policies in accordance with generally accepted actuarial principles and practices so as to return to policyholders in the form of aggregate benefits provided under the policy during the period for which rates are computed at least 75 percent of the aggregate premiums ear
31.10.14.04.htm 31.10.14.04. 04 Rate Filings.. In filing a specified disease policy for approval, the insurer shall also file the premium rates proposed to be charged for the policy and shall include an actuarial memorandum based on credible data to show that the anticipated loss ratio under the policy will be not less than the ratios required by Regulation .03 of this chapter. The actuarial memorandum shall describe how the rates were determined and how the anticipated loss ratio was calcula
31.10.14.05.htm 31.10.14.05. 05 Reports to the Commissioner.. A. On or before June 30 of each calendar year, each insurer issuing specified disease policies in Maryland shall file with the Commissioner a report regarding the loss ratio being experienced under each specified disease policy form being issued by the insurer in this State. Experience with regard to substantially similar policy forms may be combined as if they were the same form.B. The report as to each policy form or combinatio
31.10.14.06.htm 31.10.14.06. 06 Procedure for Rate Reduction.. If the report referred to in Regulation .05 of this chapter with respect to a policy form or combination of similar policy forms indicates that the form or forms are not meeting the loss ratio requirements of Regulation .03 of this chapter, the insurer, within 30 days after the due date of the report, shall file for an appropriate reduction in premium to be effective not later than 90 days after the due date of the report. The filing shall includ
31.10.14.07.htm 31.10.14.07. 07 Applicability.. These regulations apply to all insurers to whom Insurance Article, §15-109, Annotated Code of Maryland, is applicable.
31.10.14.9999.htm 31.10.14.9999. Administrative History Effective date: March 15, 1982 (9:5 Md. R. 527). Regulation .02B amended effective November 6, 1995 (22:22 Md. R. 1657) ―. Chapter recodified from COMAR 09.30.57 to COMAR 31.10.14 effective September 7, 1998 (25:18 Md. R. 1439)Regulation .07 amended effective September 21, 2009 (36:19 Md. R. 1439).
<< Back | Return to Main COMAR Search Page