Md. Code Regs. 31.04.06.02

Current through Register Vol. 51, No. 22, November 1, 2024

Section 31.04.06.02 - Company Policy and Statements

A. All companies, both foreign and domestic, shall have ready for convenient inspection by examiners from this Administration both of the following:

(1) A board of directors' or trustees' resolution or bylaw setting forth the company's policy as to disclosure of a possible conflict of interest;

(2) Questionnaires completed and signed annually by officers, directors, trustees, and responsible employees.

B. The following two samples meet Insurance Administration requirements and should be followed closely by domestic companies, though they may pass additional board of directors' or trustees' resolutions or bylaws or require additional information on their questionnaires.

C. Foreign companies will be allowed sufficient latitude in the forms they they use, so that they will not be obliged to use a special form merely to satisfy Maryland requirements. However, they should be substantially equivalent or more than equivalent in their breadth of coverage and the strictness of their requirements. The variances should not have the effect of lessening or weakening the requirements of the samples.

Md. Code Regs. 31.04.06.02