Md. Code Regs. 31.10.14.05

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

Section 31.10.14.05 - Reports to the Commissioner

A. On or before June 30 of each calendar year, each insurer issuing specified disease policies in Maryland shall file with the Commissioner a report regarding the loss ratio being experienced under each specified disease policy form being issued by the insurer in this State. Experience with regard to substantially similar policy forms may be combined as if they were the same form.

B. The report as to each policy form or combination of similar policy forms shall show for each of the 5 preceding calendar years, or for the preceding years since the policy form was first issued, the following information regarding experience on direct business (before reinsurance ceded or assumed) issued, delivered, or renewed in Maryland:

(1) Premiums written;

(2) Dividends, refunds, and retrospective rate credits paid or allowed;

(3) Premiums written net of §B(2) of this regulation;

(4) Premium reserve at end of previous year;

(5) Premium reserve at end of current year;

(6) Premiums earned (§B(3) + (4) - (5));

(7) Claims paid;

(8) Claims liability at end of current year;

(9) Claim reserve at end of current year;

(10) Policy reserves at end of current year;

(11) Claims liability at end of previous year;

(12) Claim reserve at end of previous year;

(13) Policy reserves at end of previous year;

(14) Losses incurred (§B(7) + (8) + (9) + (10) - (11) - (12) - (13));

(15) Loss ratio (§B(14) divided by (6)).

C. If the amount of the insurer's specified disease business in Maryland is not sufficient to make the report credible from a statistical standpoint, upon application to and with the approval of the Commissioner, the insurer may make the report based on its entire national experience.

Md. Code Regs. 31.10.14.05