Md. Code Regs. 31.08.12.05

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.08.12.05 - Deactivating a Temporary Moratorium

A. An insurer shall regularly monitor its activated temporary moratorium.

B. A temporary moratorium that is activated based on an event listed under Regulation .03C(1) of this chapter may not continue for more than 24 hours after the termination of the last hurricane or tropical storm watch, warning, or advisory issued by the National Weather Service for part of the State or the entire State.

C. Earthquake.

(1) A temporary moratorium that is activated because of an earthquake under Regulation .03C(5) of this chapter shall be deactivated no later than 72 hours after the onset of the earthquake.

(2) An aftershock that measures 5.0 or greater on the Richter scale that occurs during a temporary moratorium that was activated because of an earthquake under Regulation .03C(5) of this chapter may be treated as the onset of a new earthquake, resulting in the beginning of a new 72-hour period during which an insurer may continue to suspend binding authority.

D. Except as otherwise provided under §G of this Regulation, a temporary moratorium that is activated based on a declaration of a State of Emergency by the Governor or other governmental entity for part of the State or the entire State ends at the expiration of the State of Emergency.

E. Except as otherwise provided under §G of this Regulation, a temporary moratorium that is activated based on the announcement of an evacuation, whether mandatory or voluntary, for part of the State or the entire State ends at the expiration of the evacuation period.

F. Except as otherwise provided under §G of this Regulation, a temporary moratorium that is activated based on the imposition of a special curfew for part of the State or the entire State ends at the expiration of the special curfew.

G. The Commissioner may order the end of a temporary moratorium before the expiration of a State of Emergency, evacuation period, or special curfew, if the Commissioner determines that there is no longer a need for the temporary moratorium for purposes of enforcing the Insurance Article.

Md. Code Regs. 31.08.12.05

Regulation .05 amended effective 41:7 Md. R. 423, eff.4/14/2014