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Ch. 174
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2007 Laws of Maryland
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(f) Within 60 days of receipt of a request for reimbursement from the Fund,
the Commissioner shall disburse money from the Rate Stabilization Account on a
quarterly basis to medical professional liability insurers to be used to provide a rate
reduction, credit, or refund to health care providers.
(g) In anticipation of reimbursement or on reimbursement from the Rate
Stabilization Account, a medical professional liability insurer shall provide a rate
reduction, credit, or refund to a policyholder as follows:
(1) for premiums paid on an installment basis, the rate reduction or
credit shall be applied against the base premium rate due on the next installment; and
(2) if the amount of the rate reduction or credit is more than the
amount due on the next installment, or if a policy is paid in full, the policyholder may
elect that either a refund be issued, or that a credit be applied against the base
premium rate due on the policyholder's next renewal.
(h) [During] EXCEPT FOR THE SUBSIDY PROVIDED UNDER SUBSECTION
(B)(3) OF THIS SECTION, DURING the period in which disbursements are made from
the Rate Stabilization Account to pay for health care provider rate reductions, credits,
or refunds:
(1) a disbursement from the Rate Stabilization Account to a medical
professional liability insurer conducting business as a mutual company shall be
reduced by the value of a dividend that may be issued by the insurer; and
(2) a disbursement may not be made from the Rate Stabilization
Account to the Medical Mutual Liability Insurance Society of Maryland during any
period for which the Commissioner has determined, under § 24-212 of this article,
that the surplus of the Society is excessive.
(i) The Commissioner or the Commissioner's designee shall conduct an
annual audit to verify the information submitted by a medical professional liability
insurer applying for reimbursement from the Rate Stabilization Account.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2007. It shall remain effective for a period of 3 years and, at the end of June 30,
2010, with no further action required by the General Assembly, this Act shall be
abrogated and of no further force and effect.
Approved by the Governor, April 24, 2007.
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- 1370 -
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