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Ch. 564 2006 LAWS OF MARYLAND
CHAPTER 564
(House Bill 245)
AN ACT concerning
Insurance - Prior Approval Rating Law - Exempt Commercial Policyholders
FOR the purpose of altering the annual property and casualty insurance premium
dollar amount threshold above which certain insurance policy forms and
endorsements issued to certain commercial policyholders are exempt from
certain form filing requirements under prior approval insurance rating law;
altering a certain definition; and generally relating to prior approval insurance
rating law.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 11-206(j)
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
11-206.
(j) (1) In this subsection, "exempt commercial policyholder" means a person
that:
(i) pays annual aggregate property and casualty premiums for
commercial insurance policies issued in the State during the current or preceding
calendar year of [$75,000] $25,000 or more; and
(ii) meets any two of the following criteria:
1. generates annual revenues or sales in excess of
$10,000,000;
2. possesses a net worth in excess of $5,000,000;
3. employs at least 25 full-time employees;
4. is a nonprofit organization or public body with an annual
budget of at least $10,000,000; or
5. is a municipal corporation with a population of at least
15,000.
(2) The filing requirements of this section do not apply to policy forms
and endorsements and to modifications of policy forms and endorsements issued to an
exempt commercial policyholder.
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