Md. Code Regs. 14.35.19.07

Current through Register Vol. 51, No. 24, December 2, 2024

Section 14.35.19.07 - Document Retention and Audits

A. Carriers shall maintain documents and records, whether paper, electronic, or in other media, sufficient to substantiate the disbursement of subsidies made pursuant to Regulations .03 and .06 of this chapter for a period of at least 10 years and shall make those documents and records available upon request by the Board or its designee to any such entity for purposes of verification, investigation, audit, or other review of subsidy disbursement.

B. The Individual Exchange or its designee may audit a carrier offering subsidies through the program to assess its compliance with the requirements of this chapter. The carrier shall ensure that its relevant contractors, subcontractors, or agents cooperate with any audit under this section. If an audit results in a finding of material weakness or significant deficiency with respect to compliance with any requirement of these regulations, the carrier shall complete all of the following:

(1) Within 30 calendar days of the issuance of the final audit report, provide a written corrective action plan to the Individual Exchange for approval;

(2) Implement the corrective action plan; and

(3) Provide to the Individual Exchange written documentation of the corrective actions once taken.

Md. Code Regs. 14.35.19.07

Regulation .07 adopted effective 48:24 Md. R.1025, eff. 11/29/2021