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

13 records match your request.

FileAbstract
31.15.11.00.htm 31.15.11.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 15 UNFAIR TRADE PRACTICES Chapter 11 Use of Credit History in Underwriting and Rate Making Authority: Insurance Article, 2-109, 11-101, 11-306, 11-307, 27-212(d) 27-406, 27-501, and 27-605, Annotated Code of Maryland
31.15.11.01.htm 31.15.11.01. 01 Purpose.. A. Enactment of Legislation on Use of Credit History.. 1) During the 2002 Session, the General Assembly enacted House Bill 521 which became Ch. 580, Acts 2002.2) With respect to homeowner's insurance, Ch. 580, Acts of 2002 prohibits an insurer from using credit history to underwrite or rate a risk or require a particular payment plan.3) With respect to private passenger motor vehicle insurance, Ch. 580, Acts of 2002, prohibits an insurer from using credit h
31.15.11.02.htm 31.15.11.02. 02 Scope.. A. In General. This chapter applies to insurers that sell or offer to sell homeowner's insurance or private passenger motor vehicle insurance.B. Insurance Transaction Not Initiated by a Consumer.. 1) This chapter does not apply to the use of a credit report or a credit score derived from a credit report, by an insurer in an insurance transaction that:a) Is not initiated by a consumer; and. b) Consists of a firm offer of insurance.. 2) If an insurer refuses
31.15.11.03.htm 31.15.11.03. 03 Definitions.. A. In this chapter, the following items have the meanings indicated.. B. Terms Defined.. 1) "Affiliated insurer" means an insurer that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another insurer.2) "Consumer reporting agency" includes an insurer and any affiliate of an insurer that collects infa) Bears on a consumer's credit worthiness, credit standing, or credit capacity; and.
31.15.11.04.htm 31.15.11.04. 04 Homeowner's Insurance ― Prohibition on Use of Credit History.. With respect to homeowner's insurance, an insurer may not:. A. Refuse to underwrite, cancel, or refuse to renew a risk based wholly or partly on the credit history of an applicant or insured, including the absence of or inability to determine credit history;B. Rate a risk based wholly or partly on the credit history of an applicant or insured, including the absence of or inability to determine credit hist
31.15.11.05.htm 31.15.11.05. 05 Private Passenger Motor Vehicle Insurance ― Uses of Credit History.. A. Prohibited Use of Credit History. With respect to private passenger motor vehicle insurance, an insurer may not:1) Refuse to underwrite, cancel, refuse to renew, or increase the renewal premium based wholly or partly on the credit history of the applicant or insured, including the absence of or inability to determine credit history; or2) Require a particular payment plan based wholly or partly on the credit h
31.15.11.06.htm 31.15.11.06. 06 Private Passenger Motor Vehicle Insurance ― Credit History Use Disclosure ― Premium Quotation.. A. Contents of Disclosure. An insurer that rates a new policy of private passenger motor vehicle insurance based wholly or partly on the credit history of an applicant shall, at the time of application, advise the applicant in writing on the application form that:1) The insurer uses credit history to rate new policies; and. 2) The applicant may request a premium quotation t
31.15.11.07.htm 31.15.11.07. 07 Private Passenger Motor Vehicle Insurance―Obtaining Credit History.. A. In General. With respect to private passenger motor vehicle insurance, an insurer or an insurance producer of an insurer may not obtain a credit report, credit score, or other credit history for an applicant unless the insurer or insurance producer obtains a credit report, credit score, or other credit history:1) For each applicant of the insurer; or. 2) In accordance with a written standard for deter
31.15.11.08.htm 31.15.11.08. 08 Private Passenger Motor Vehicle Insurance ― Inability to Obtain Credit History.. A. With respect to private passenger motor vehicle insurance, if an initial inquiry by an insurer or insurance producer fails to generate a credit report, credit score, or other credit history, the insurer or insurance producer shall:1) Notify the applicant or insured that the initial inquiry failed to generate a credit report, credit score, or other credit history;2) Verify the accuracy of:.
31.15.11.09.htm 31.15.11.09. 09 Private Passenger Motor Vehicle Insurance ― Use of Credit History for Rating.. A. Scope. This regulation applies to an insurer that rates a new policy of private passenger motor vehicle insurance based wholly or partly on the credit history of an applicant.B. In General.. 1) If an insurer uses credit criteria or a credit score as part of the insurer's rate-making standards, the credit criteria or credit score shall be established and used in a manner that:
31.15.11.10.htm 31.15.11.10. 10 Private Passenger Motor Vehicle Insurance ― Review of Credit History. A. Review and Disclosure Required. With respect to private passenger motor vehicle insurance, an insurer that rates a new policy based wholly or partly on the credit history of an applicant shall:1) Review the credit history of an insured who was adversely impacted by the use of the insured's credit history at the initial rating of the policy:a) On request of the insured; or.
31.15.11.11.htm 31.15.11.11. 11 Private Passenger Motor Vehicle Insurance ― Inclusion of Information in Rate Filing. .. A. In General. With respect to private passenger motor vehicle insurance, an insurer that uses credit history to rate a new policy or another person authorized by the Commissioner to act on behalf of the insurer shall file with the Commissioner as part of the insurer's rate filing under Insurance Article, §11-307, Annotated Code of Maryland:
31.15.11.9999.htm 31.15.11.9999. Administrative History Effective date: May 15, 2000 (27:9 Md. R. 861). Chapter revised effective October 14, 2002 (29:20 Md. R. 1594). Regulation .07D amended effective February 1, 2016 (43:2 Md. R. 129).
<< Back | Return to Main COMAR Search Page