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Maryland Code, Insurance § 2-501

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) In this subtitle the following words have the meanings indicated.

(b) “Assessment” means an assessment that, subject to § 2-505(c)(3) of this subtitle, equals 60% of the Administration's approved annual budget appropriation under this article.

(c) “Fund” means the Insurance Regulation Fund established under § 2-505 of this subtitle.

(d)(1) “Health insurer” means an insurer that holds a certificate of authority issued by the Commissioner to engage in the business of health insurance.

(2) “Health insurer” includes:

(i) a health maintenance organization operating under a certificate of authority issued by the Commissioner under Title 19, Subtitle 7 of the Health-General Article;

(ii) a nonprofit health service plan operating under Title 14, Subtitle 1 of this article; and

(iii) a dental plan operating under Title 14, Subtitle 4 of this article.

(e) “Health insurer assessment portion” means 40% of the assessment.

(f)(1) “Insurer” means an insurer or other entity authorized to engage in the insurance business in the State under a certificate of authority issued by the Commissioner.

(2) “Insurer” includes:

(i) a health maintenance organization operating under a certificate of authority issued by the Commissioner under Title 19, Subtitle 7 of the Health-General Article;

(ii) a nonprofit health service plan operating under Title 14, Subtitle 1 of this article;

(iii) a dental plan operating under Title 14, Subtitle 4 of this article; and

(iv) the Maryland Automobile Insurance Fund.

(g) “Life insurer” means an insurer that holds a certificate of authority issued by the Commissioner to engage in the business of life insurance.

(h) “Life insurer assessment portion” means 26% of the assessment.

(i) “Multiple type insurer” means an insurer that engages in more than one of the following types of insurance:

(1) life;

(2) health; or

(3) property and casualty.

(j)(1) “Premium” has the meaning stated in § 1-101 of this article to the extent it is allocable to this State.

(2) “Premium” includes any amounts paid to a health maintenance organization as compensation on a predetermined basis for providing services to members and subscribers as specified in Title 19, Subtitle 7 of the Health-General Article to the extent it is allocable to this State.

(k)(1) “Property and casualty insurer” means an insurer that holds a certificate of authority issued by the Commissioner to engage in the business of property and casualty insurance.

(2) “Property and casualty insurer” includes the Maryland Automobile Insurance Fund.

(l) “Property and casualty insurer assessment portion” means 34% of the assessment.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 2-501 - last updated December 31, 2021 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-2-501/

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