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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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INSURANCE |
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TITLE 27. UNFAIR TRADE PRACTICES AND OTHER PROHIBITED PRACTICES |
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SUBTITLE 6. CANCELLATIONS, NONRENEWALS, PREMIUM INCREASES, AND REDUCTIONS IN COVERAGE |
§ 27-601.1. Transfers of policy holders between insurers within same insurance holding company system as renewal.
Latest version.
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(a) Issuance of new policy to replace expiring policy is renewal. -- For purposes of this subtitle, with respect to policies of personal insurance, private passenger motor vehicle liability insurance, commercial insurance, and workers' compensation insurance, the issuance by an insurer of a new policy to replace an expiring policy issued by that insurer is a renewal.
(b) In general. -- For purposes of this subtitle, with respect to policies of personal insurance, private passenger motor vehicle liability insurance, commercial insurance, and workers' compensation insurance, the issuance by an insurer of a new policy to replace an expiring policy issued by another admitted insurer within the same insurance holding company system, as defined in § 7-101 of this article, is a renewal if:
(1) the policyholder's premium does not increase; and
(2) the policyholder does not experience a reduction in coverage.