Md. Code Regs. 31.08.13.04

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

Section 31.08.13.04 - Underwriting Standard

A. An insurer may not adopt or amend an underwriting standard that requires a hurricane percentage deductible that exceeds 5 percent unless the insurer has filed the underwriting standard or the amendment to the underwriting standard with the Commissioner

B. If an insurer withdraws an underwriting standard that requires a percentage deductible that exceeds 5 percent, the insurer shall notify the Commissioner in writing within 10 days of the withdrawal.

C. An insurer that makes a filing under §A of this regulation shall include the following information in the filing:

(1) The insurer's NAIC number;

(2) A copy of the underwriting standard the insurer proposes to adopt, the amendment to an underwriting standard currently in use, or notice of withdrawal of an underwriting standard currently in use;

(3) The date on which the insurer intends to adopt, amend, or withdraw the underwriting standard;

(4) All of the data on which the insurer relied in developing the proposed underwriting standard, amendment to the underwriting standard, or withdrawal of the underwriting standard;

(5) A copy of each page in the insurer's rating manual that relates to the underwriting standard;

(6) A copy of any underwriting standard with a percentage deductible currently in use by the insurer for homeowner's insurance, including any SERFF tracking number associated with the underwriting standard, or a statement that the insurer does not currently have an underwriting standard with a percentage deductible for homeowner's insurance; and

(7) Any other information the Commissioner considers necessary.

Md. Code Regs. 31.08.13.04

Effective date: 41:12 Md. R. 669, eff.6/23/2014 ; amended and Renumbered from .05 effective 44:7 Md. R. 357, eff. 4/10/2017