Md. Code Regs. 31.08.10.02

Current through Register Vol. 51, No. 22, November 1, 2024

Section 31.08.10.02 - Financial Information Report

A. Scope. An insurer that issues professional liability insurance to health care providers in the State shall submit to the Commissioner a financial information report.

B. Confidential Information.

(1) An insurer that submits a financial information report shall notify the Commissioner at the time of the submission of any information contained in the report that the insurer considers to be proprietary information.

(2) The Commissioner, in accordance with State Government Article, § 10-617(d) and (f), Annotated Code of Maryland, shall deny inspection of any part of a report submitted under this chapter that the Commissioner determines contains confidential commercial information or confidential financial information.

C. Filing Requirements.

(1) Insurers shall submit a financial information report by April 30 of each year for the preceding calendar year.

(2) The financial information report shall state, in the aggregate:

(a) The nature and cost of reinsurance for the insurer for the preceding calendar year;

(b) The claims experience, by category, of health care providers insured by the insurer during the preceding calendar year;

(c) The amount paid by the insurer under claim settlements and claim awards in the preceding calendar year;

(d) The amount of reserves for claims incurred and for incurred but unreported claims held by the insurer at the close of the preceding calendar year; and

(e) The number of claims settled by the insurer during the preceding calendar year that included structured settlement payments.

Md. Code Regs. 31.08.10.02

Regulation .02 amended effective 44:4 Md. R. 256, eff. 1/1/2018