On Jul. 9, MD INS issued bulletin on annual group capital calculation.
MD INS issued Bulletin 24-17 to advise on enacted bill HB 252 (2024 Chapter 121).
HB 252 established insurance holding company (IHC) group capital calculation, liquidity stress test results; act enacted on Apr. 9, 2024, effective Oct. 1, #206574.
Act codified at Insurance article of annotated code of MarylandMD INS 7-603(i).
Annual Group Capital Calculation
Requires ultimate controlling person of IHC system to file group capital calculation.
Group capital calculation includes information about potential risks to policyholders emanating from outside insurance companies, location, sources of capital within group.
Act describes circumstances IHC system exempt from filing; State commissioner may exempt IHC from filing or accept limited group capital filing in lieu of group calculation.
MD INS expects to promulgate regulation that specifies the criteria it will apply when exercising discretion pursuant to Section 7–603(i)(4) no later than Dec. 1, 2024.
Calculation must be completed as per NAIC group capital calculation instructions.
Reporting Deadline
Annual group capital calculation deadline for initial report period due by May 1, 2025.
Regulators
MD INS
Entity Types
IB; Ins
Reference
Bul 24-17, 7/9/2024; Ch 121; Bill HB 252; Citation: MD INS 7-603;
Functions
Actuarial and Valuation; Compliance; Financial; Reporting; Risk; Treasury; Underwriting
