Md. Code Regs. 31.08.17.03

Current through Register Vol. 51, No. 18, September 6, 2024

Section 31.08.17.03 - Statement of Actual Reason

A. Whenever an insurer cancels or refuses to renew a policy of commercial insurance for a reason other than nonpayment of premium, the insurer shall provide to the named insured a written statement of the actual reason for the cancellation or refusal to renew.

B. An insurer shall include in a statement of actual reason:

(1) An offer to provide additional information in support of the proposed action on the written request of the insured;

(2) A notice that if the insured would like additional information in support of the proposed action, the insured is required to send the written request for additional information within 30 days after the date of the statement of actual reason; and

(3) An address for the insured to submit the written request for additional information.

Md. Code Regs. 31.08.17.03

Effective date: 41:5 Md. R. 348, eff.3/17/2014