Md. Code Regs. 25.02.07.03
Current through Register Vol. 51, No. 26, December 27, 2024
Section 25.02.07.03 - Procurement of Commercial Insurance Coverage Through Insurance BrokersA. Quotes for Insurance Broker Services.(1) Following the award of a contract for insurance broker services, at the direction of the State Treasurer, the insurance broker shall request competitive quotes from insurance companies for the type and amounts of insurance coverage and services requested by the State Treasurer.(2) The insurance broker shall provide at least two competitive quotes for all requested commercial insurance coverage unless the insurance broker is unable to provide multiple quotes or, due to the nature of the coverage, market conditions, or otherwise, does not recommend obtaining multiple quotes.(3) If the insurance broker is unable to provide multiple quotes, the insurance broker shall provide to the State Treasurer documentation listing the insurance companies that decline to quote on coverage and explaining their decision not to quote on coverage. The State Treasurer shall review the documentation and direct the insurance broker how to proceed.(4) If the insurance broker does not recommend providing multiple quotes, the insurance broker shall provide to the State Treasurer written justification and a recommended course of action. The State Treasurer shall review the written justification and recommendation and direct the insurance broker how to proceed.B. The State Treasurer shall select the insurance coverage that it considers most advantageous to the State.Md. Code Regs. 25.02.07.03