WILLIAM DONALD SCHAEFER, Governor

Ch. 551

(iv) The Commissioner may extend the time for filing for good cause.

(v) An insurer who fails to file an audited financial report by July JUNE 10
without having obtained an extension for good cause shall forfeit $100 for each day up to
and including July JUNE 10. Thereafter, failure to file the report shall result in an
additional forfeiture of $50 per day until the date the report is received by the
Commissioner.

58A.

(a) (1) In this section the following words have the meanings indicated.

(2)      "Chief executive officer" means a person charged by the board of directors or
trustees of an insurer with the responsibility of administering and implementing the policies and
procedures of the insurer.

(3)      "Impaired" has the same meaning as "impairment" or "insolvency" under §
132(1) of this article.

(4)      (i) "Insurer" has the meaning stated in § 3 of this article.

(ii) "Insurer" includes:

1. A corporation operating a nonprofit health service plan under
Subtitle 20 of this article;

2. A dental plan organization as defined in § 581 of this article;
[and]

3. A surplus line insurer; AND

4. A HEALTH MAINTENANCE ORGANIZATION.

9A. AUTHORITY OVER INSURERS OPERATING IN A FINANCIALLY HAZARDOUS

CONDITION

131A.

IN THIS SUBTITLE, "INSURER" MEANS AN AUTHORIZED INSURER, INCLUDING A
NONPROFIT HEALTH SERVICE PLAN AND A HEALTH MAINTENANCE ORGANIZATION.

131B.

(A) IN DETERMINING WHETHER THE CONTINUED OPERATION OF ANY
INSURER ENGAGING IN THE BUSINESS OF INSURANCE IN THIS STATE WOULD BE
HAZARDOUS TO THE POLICYHOLDERS, CREDITORS, OR THE GENERAL PUBLIC, THE
COMMISSIONER MAY CONSIDER:

(1)      ADVERSE FINDINGS REPORTED IN FINANCIAL CONDITION AND
MARKET CONDUCT EXAMINATION REPORTS;

(2)      THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS
INSURANCE REGULATORY INFORMATION SYSTEM AND ITS RELATED REPORTS;

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