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S.B. 63 VETOES
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.
(3) (i) An exempt commercial policyholder must certify in writing, on a
form approved by the Commissioner, to the insurer issuing coverage and the
Commissioner that it meets the criteria necessary for exemption from form filing
requirements.
(ii) The certification must include:
1. specific reference to the optional criteria that the insured
has satisfied to qualify as an exempt commercial policyholder;
2. information required by the Commissioner for the purpose
of determining the annual aggregate premiums of the insured for purposes of
paragraph (1)(i) of this subsection; and
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