A. To permit the Commissioner to enforce the provisions of Regulation .20 of this chapter with respect to that portion of commission defined by Regulation .04B(6)(n) of this chapter and to permit the Commissioner to ascertain that there are no violations of Insurance Article, Title 27, Annotated Code of Maryland, and other applicable sections of Insurance Article, Annotated Code of Maryland, a contract of reinsurance of credit life or credit health insurance on loans originating in Maryland may not be entered into, or continued, after the effective date of these regulations unless approved by the Commissioner and unless the reinsurer is licensed in Maryland, or qualifies under Insurance Article, §13-116, Annotated Code of Maryland, or is an accredited reinsurer.
B. A person proposing to enter into a reinsurance treaty as described in this regulation or a person proposing to continue a treaty entered into before the effective date of this chapter shall submit the treaty to the Commissioner for his approval.
Agency Note: The Commissioner will accept submission of existing of proposed reinsurance treaties for review before the effective date of these regulations.
C. If the Commissioner does not approve or disapprove the proposed or existing reinsurance treaty within 90 days after the date it is filed with him, the treaty shall be deemed to be approved.
D. The Commissioner may withdraw approval of a reinsurance treaty after a hearing held not less than 20 days after written notice to the insurer and the reinsurer.