Chapter 04 Annual Statements and Participation in National Association of Insurance Commissioners Information System

Chapter 04 Annual Statements and Participation in National Association of Insurance Commissioners Information System | Library of Maryland Regulations

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Title 31 MARYLAND INSURANCE ADMINISTRATION

Subtitle 04 INSURERS

Chapter 04 Annual Statements and Participation in National Association of Insurance Commissioners Information System

Code of Maryland Regulations

Chapter 04 Annual Statements and Participation in National Association of Insurance Commissioners Information System

Administrative History Effective date: December 31, 1953 Amended effective May 1, 1968 Regulation .02 adopted as an emergency provision effective October 26, 1993 (20:23 Md. R. 1799); adopted permanently effective January 31, 1994 (21:2 Md. R. 98) —————— Chapter recodified from COMAR 09.30.09 to COMAR 31.04.04 effective September 7, 1998 (25:18 Md. R. 1439) —————— Regulations .01 and .02 repealed and new Regulations .01 and .02 adopted effective February 26, 2007 (34:4 Md. R. 403) Regulation .01 amended effective October 1, 2019 (46:13 Md. R. 590) Authority Health-General Article, §§19-705, 19-717, and 19-728; Insurance Article, §§ 2-109 (a)( 1 ), 4-116 , 14-121 , 14-411 (a), and 14-413 ; Annotated Code of Maryland

.01 Required Financial Filings. A. Annual Statements. (1) Each domestic and foreign insurance company, health maintenance organization, dental plan organization, and nonprofit health service plan that has been issued a certificate of authority by the Administration is required to annually file an annual statement with the Administration in paper or electronic format as specified in Regulation .02 of this chapter . (2) Unless the Commissioner extends the time for good cause, the annual statements shall be filed: (a) For insurance companies and nonprofit health service plans, on or before March 1 of each year; (b) For health maintenance organizations: (i) On or before March 1 of each year; or (ii) If approved by the Commissioner, within 60 days after the end of their fiscal year; and (c) For dental plan organizations, April 1 of each year. (3) The annual statements shall be: (a) Prepared in accordance with the Annual Statement Instructions and Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners (NAIC); (b) Supplemented by such related filings as shall be required by the Annual Statement Instructions. (4) A domestic company’s annual statement shall be prepared under oath and signed by at least two executive officers. The executive officers authorized to sign the oath shall include: (a) The president, vice-president, or chief financial officer; and (b) The secretary, treasurer, CEO, or other officer approved by the Commissioner. (5) A foreign company’s annual statement shall be prepared and executed in accordance with the laws and regulations of the company’s home state. B. Quarterly Statements. (1) Each domestic insurance company, health maintenance organization, dental plan organization and nonprofit health service plan that has been issued a certificate of authority by the Administration is required to file quarterly statements with the Administration. (2) Unless the Commissioner extends the time for good cause, the quarterly statements shall be filed: (a) For insurance companies, dental plan organizations and nonprofit health service plans, on or before May 15, August 15, and November 15 of each year; and (b) For health maintenance organizations, May 15, August 15, and November 15 of each year, or if approved by the Commissioner, 45 days after the end of each quarter other than the quarter in which its fiscal year ends. (3) The quarterly statements shall be prepared in accordance with the Annual Statement Instructions and Accounting Practices and Procedures Manual adopted by the NAIC. (4) A domestic company’s quarterly statement shall be prepared under oath and signed by at least two executive officers. The executive officers authorized to sign the oath shall include: (a) The president, vice-president, or chief financial officer; and (b) The secretary, treasurer, CEO, or other officer approved by the Commissioner. (5) A foreign company’s quarterly statement shall be prepared and executed in accordance with the laws and regulations of the company’s home state. C. Annual Audited Financial Statements. (1) Each domestic and foreign insurance company, health maintenance organization, dental plan organization, and nonprofit health service plan that has been issued a certificate of authority by the Administration to engage in business in this State is required to annually file annual audited financial statements with the Administration. (2) Unless the Commissioner extends the time for good cause, the annual audited financial statements shall be filed: (a) For insurance companies, on or before June 1 of each year; (b) For nonprofit health service plans, on or before March 1 of each year; (c) For dental plan organizations, on or before April 1 of each year; and (d) For health maintenance organizations, June 1 of each year, or if approved by the Commissioner, within 150 days after the date their fiscal year ends.

.02 Form of Financial Filings. A. Definition. (1) In this regulation, the following term has the meaning indicated. (2) "Required related annual filings" means, but is not limited to, the Statement of Actuarial Opinion, Risk-Based Capital Report, and Management's Discussion and Analysis. B. Filings. The filings required by §§C and D of this regulation shall be made in accordance with the Annual Statement Instructions adopted by the NAIC. C. Domestic Companies. (1) Each domestic insurance company, health maintenance organization, dental plan organization, and nonprofit health service plan that is required to file an annual statement and required related annual filings, quarterly statements, and annual audited financial statements, as well as all amendments and addenda to these filings, shall make those filings on paper with the Administration. (2) Each domestic insurance company, health maintenance organization, dental plan organization, and nonprofit health service plan shall also file its annual statements, required related annual filings, quarterly statements, and annual audited financial statements, as well as all amendments and addenda to these filings, in both a paper and an electronic format with the NAIC. D. Foreign Companies (1) Each foreign insurance company, health maintenance organization, dental plan organization, and nonprofit health service plan that has been issued a certificate of authority by the Administration shall file its annual statements, required related annual filings, and annual audited financial statements, as well as all amendments and addenda to these filings, in an electronic format with the NAIC. (2) Foreign companies shall file the documents required by §D(1) of this regulation with the NAIC on or before the due dates specified in Maryland law. These filings shall be considered to have been filed with the Administration when they are received by the NAIC. (3) The Administration shall use the dates the documents are received by the NAIC in order to determine compliance with Maryland filing requirements, and for imposing any fines or penalties specified in Maryland law for failing to file these documents on or before their due dates. (4) Each foreign insurance company, health maintenance organization, dental plan organization, and nonprofit health service plan that has been issued a certificate of authority by the Administration shall annually, on or before the filing due dates specified in this regulation, provide the administration with an annual statement jurat page, signed by appropriate officers of the company, and affirming that the electronic filing made by the company with the NAIC is, except for formatting differences, an exact copy of the Annual Statement.

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