Amendment to COMAR 31.04.14

BETH SAMMIS, Ph.D. Acting Commissioner KAREN STAKEM HORNIG Deputy Commissioner MARTIN O’MALLEY Governor ANTHONY G. BROWN Lt. Governor 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202 1-800-492-6116 TTY: 1-800-735-2258 www.mdinsurance.state.md.us BULLETIN 10-25 Corrected Date: August 17, 2010 To: Life and Health Insurers Re: Amendments to COMAR 31.04.14 Life and Health Insurance Guaranty Corporation Coverage—Notice Requirements The purpose of this bulletin is to notify life and health insurers in Maryland of emergency amendments to COMAR 31.04.14 Life and Health Insurance Guaranty Corporation Coverage— Notice Requirements. These regulations were amended in response to House Bill 423, Chapter 414, Acts of 2010, which raised the liability limit for annuities under the Life and Health Insurance Guaranty Corporation from $100,000 to $250,000. The new notice requirements were published as non-emergency regulations in the Maryland Register, volume 37, issue 16, on Friday, July 30, 2010. The same requirements were published as emergency regulations in the Maryland Register, volume 37, issue 17, on Friday, August 13, 2010, with an emergency effective date of October 1, 2010. Copies of the published regulations are attached for your convenience. It is expected that the non-emergency regulations will become effective before the emergency regulations expire. The new notices are required to be provided, beginning October 1, 2010. However, if a carrier is unable to create the new notices and make the necessary system changes to meet the October 1, 2010 deadline and provides the old notice previously required by COMAR 31.04.14.03B, the insurer shall be required to provide a second notice to the individuals who received the old notice by December 1, 2010. Questions about this bulletin may be directed to the Life/Health Section of the Maryland Insurance Administration at 410-468-2170. Brenda A. Wilson Associate Commissioner Life and Health Section Signature on file with orginal