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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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INSURANCE |
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TITLE 25. ALTERNATIVE MARKET MECHANISMS |
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SUBTITLE 4. MARYLAND PROPERTY INSURANCE AVAILABILITY ACT |
§ 25-408. Powers and duties of Commissioner
Latest version.
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(a) In general. -- The Commissioner shall have the same powers over the Association as are granted under this article with respect to domestic insurers that are authorized insurers.
(b) Approval of rate structure. -- If the Commissioner determines that the rate structure for policies of essential property insurance and homeowner's insurance offered by or through the Association does not compete with the rate structure of the voluntary insurance market in the State, the Commissioner shall approve the rate structure.
(c) Financial condition of Association members. --
(1) The Commissioner shall monitor and review the financial condition of Association members to ensure that the Association members are able to pay assessments that the Association may levy on them.
(2) The Commissioner may use the annual statements of Association members and other available data to monitor and review their financial condition.