Md. Code Regs. 25.02.07.02

Current through Register Vol. 51, No. 26, December 27, 2024

Section 25.02.07.02 - Insurance Broker Services and Commercial Insurance Coverage

A. The State Treasurer may procure insurance broker services and insurance coverage from:

(1) Insurance brokers licensed in the State of Maryland under Insurance Article, Title 10, Annotated Code of Maryland;

(2) Direct writing insurance companies authorized to do business in the State of Maryland under Insurance Article, Title 4, Annotated Code of Maryland; or

(3) Any other insurance-related program, plan, or provider that is authorized or permitted to do business in the State.

B. The State Treasurer may procure commercial insurance coverage as required by federal law, State law, contract, or agreement or as needed to protect against any loss, damage, or liability that the State Treasurer, in the State Treasurer's sole discretion, considers appropriate to the interests of the State of Maryland;

C. When the State Treasurer has determined to procure commercial insurance coverage and insurance broker services through insurance brokers, the State Treasurer shall competitively procure such insurance broker services in accordance with State Finance and Procurement Article, Division II, Annotated Code of Maryland, and COMAR Title 21 for the types of coverage and services specified in the solicitation.

D. The State Treasurer shall select the insurance brokers that it considers most advantageous to the State.

Md. Code Regs. 25.02.07.02