Maryland Insurance Commissioner Therese Goldsmith Reminds That All Property and Casualty Insurers Must Have Already Filed a Protocol With the Maryland Insurance Administration Before Implementing Temporary Moratorium
Aug 18, 2011
In Bulletin 11-19, issued by the Maryland Insurance Administration (“MIA”) on August 17, 2011 to all property and casualty insurers, producers and interested parties, Maryland Insurance Commissioner Therese Goldsmith reminded that, with the 2011 Hurricane Season in progress, pursuant to COMAR 31.08.12, any carrier seeking to implement a temporary moratorium in regard to approaching storms, weather events, or certain other events or emergencies must have previously filed its moratorium protocol with the MIA.
These types of protocols are designed to have the least impact on the conduct of business in the State of Maryland and may only be triggered under certain circumstances.
Bulletin 11-19, which is accessible for review through the hyperlink below, outlines pertinent exceptions and limitations.
Should you have any questions or comments, please contact Colodny Fass.