Maryland- New Laws for the Nonadmitted and Reinsurance Reform Act - Supportive Insurance Services

Maryland Governor O’Malley signed law changes which provide for the implementation of the Nonadmitted and Reinsurance Reform Act to conform Maryland’s nonadmitted insurance laws to federal law.

The Maryland Insurance Administration has not made changes to its reporting forms to reflect the change in how premiums on multi-state placements are allocated between states. However, it is expected that surplus lines brokers and persons independently procuring insurance with a nonadmitted insurer will properly allocate premiums and remit the appropriate taxes to Maryland under the laws in effect on the policy effective dates.

However, they have revised the filing instructions on the state’s web site. The revised instructions are available at: http://www.mdinsurance.state.md.us/sa/docs/documents/insurer/premuim-tax/surpluslinesfilinginstruction.pdf

Any questions should be directed to Neil A. Miller, Associate Commissioner, Examination and Auditing, at (410) 468-2122.

The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.

This information is brought to you by Supportive Insurance Services… Licensing Experts Saving You Time and Money!

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