§ 25-408
127 words·~1 min read·
/md/insurance/25-408A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§25–408.
(a)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)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.
(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.