Ch. 11

1996 LAWS OF MARYLAND

(V)     A COPY OF EACH EXAMINATION OF THE RISK RETENTION
GROUP THAT IS CERTIFIED BY THE COMMISSIONER OR OTHER PUBLIC OFFICIAL
THAT CONDUCTS THE EXAMINATION;

(VI)    ON REQUEST OF THE COMMISSIONER, A COPY OF ANY
INFORMATION OR DOCUMENT THAT RELATES TO AN OUTSIDE AUDIT PERFORMED
WITH RESPECT TO THE RISK RETENTION GROUP; AND

(VII)    ANY OTHER INFORMATION THAT THE COMMISSIONER
REQUIRES IN ORDER TO VERIFY THE CONTINUING QUALIFICATION. OF THE RISK
RETENTION GROUP AS A RISK RETENTION GROUP, AS DEFINED IN § 25-101 OF THIS
SUBTITLE.

(2)      SUBSECTION (B)(1)(II) OF THIS SECTION DOES NOT APPLY TO A LINE
OR CLASSIFICATION OF LIABILITY INSURANCE THAT:

(I)      WAS DEFINED IN THE PRODUCT LIABILITY RISK RETENTION
ACT OF 1981 ON OR BEFORE OCTOBER 26, 1986; AND

(II)     WAS OFFERED ON OR BEFORE OCTOBER 26, 1986 BY A RISK
RETENTION GROUP THAT HAD BEEN CHARTERED AND OPERATING FOR NOT LESS
THAN 3 YEARS ON OR BEFORE OCTOBER 26, 1986.

(3)      THE RISK RETENTION GROUP SHALL SUBMIT A COPY OF A REVISION
TO ITS PLAN OF OPERATION OR FEASIBILITY STUDY REQUIRED BY § 25-102 OF THIS
SUBTITLE AT THE SAME TIME THAT THE REVISION IS SUBMITTED TO THE
COMMISSIONER OF THE CHARTERING STATE OF THE RISK RETENTION GROUP.

(4)      THE COMMISSIONER SHALL DETERMINE THE FILING FEE FOR THE
STATEMENT OF REGISTRATION REQUIRED BY SUBSECTION (B)(1)(III) OF THIS
SECTION.

(C)     TAXATION.

(1)      ALL PREMIUMS PAID IN THIS STATE TO RISK RETENTION GROUPS
CHARTERED IN ANOTHER STATE FOR COVERAGES ARE SUBJECT TO TAXATION AT
THE SAME RATE AND ARE SUBJECT TO THE SAME INTEREST, FINES, AND PENALTIES
FOR NONPAYMENT AS ARE FOREIGN ADMITTED INSURERS.

(2)      EACH RISK RETENTION GROUP SUBJECT TO THIS SUBSECTION IS
LIABLE FOR THE PAYMENT OF PREMIUM TAXES AND TAXES ON PREMIUMS OF
DIRECT BUSINESS FOR RISKS RESIDENT OR LOCATED IN THE STATE.

(3)      ON OR BEFORE MARCH 1 OF EACH YEAR, EACH RISK RETENTION
GROUP SHALL REPORT ALL PREMIUMS PAID TO IT FOR RISKS RESIDENT OR
LOCATED IN THE STATE.

(4)      IF THE RISK RETENTION GROUP FAILS TO PAY THE SPECIFIED
TAXES, THE TAXES SHALL BE PAID BY EACH OF THE RISK RETENTION GROUP'S
MEMBERS WHOSE RISKS ARE RESIDENT OR LOCATED IN THE STATE.

(D)     UNFAIR CLAIM SETTLEMENT PRACTICES.

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