Chapter 21. Payment of Actuarial Review of Rate Filings
Regulation .01 Scope.LinkCopy Citation
A.
This chapter applies to the examination of rate filings made pursuant to:
(1)
Health-General Article, §19-713, Annotated Code of Maryland;
(2)
Insurance Article, Title 11, Subtitles 2 and 3, and §§12-205 and 14-126(a)(2), Annotated Code of Maryland; and
(3)
COMAR 31.10.01.02A.
B.
This chapter does not apply to the Maryland Automobile Insurance Fund.
Regulation .02 Definitions.LinkCopy Citation
A.
In this chapter, the following terms have the meanings indicated.
B.
Terms Defined.
(1)
“Actuarial consultant” means a consultant retained by the Commissioner subject to applicable procurement requirements to examine a rate filing.
(2)
“Advisory organization” has the meaning stated in Insurance Article, §11-101, Annotated Code of Maryland.
(3)
“Carrier” means an authorized insurer, nonprofit health service plan, or health maintenance organization.
(4)
“Commissioner” means the Maryland Insurance Commissioner.
(5)
“Rating organization” has the meaning stated in Insurance Article, §11-101, Annotated Code of Maryland.
Regulation .03 Examination of Rate Filings by an Actuarial Consultant.LinkCopy Citation
A.
Whenever the Commissioner considers it advisable, the Commissioner may retain an actuarial consultant to examine a rate filing submitted by an advisory organization, carrier, or rating organization.
B.
If the Commissioner retains an actuarial consultant to examine a rate filing submitted by an advisory organization, carrier, or rating organization the Commissioner shall notify the advisory organization, carrier, or rating organization that the Commissioner has retained an actuarial consultant to examine the rate filing.
C.
The Commissioner or the actuarial consultant shall make a complete report of the examination in accordance with the provisions of Insurance Article, §2-209, Annotated Code of Maryland.
D.
The advisory organization, carrier, or rating organization shall pay the expenses for the actuarial consultant’s examination of a rate filing in accordance with the provisions of Insurance Article, §2-208, Annotated Code of Maryland.
Chapter annotations
Authority: Insurance Article, §§2-108, 2-205, 2-208, 11-207(a)(2), 12-205, 14-126(a)(2), and 15-605(c); Health-General Article, §19-713; Annotated Code of Maryland
History: Effective date: May 16, 2011 (38:10 Md. R. 618)