Finalized regs touch range of insurance products
Updates to continuing education, a homeowner’s notice, and cancellation notice requirements took effect this week thanks to several regulations finalized by the Maryland Insurance Administration.
Cancellation notice for WC during the underwriting period
The finalized regulation amends the underwriting period provision and now allows an insurer:
- to cancel a workers' compensation (WC) policy or binder during the first 45 days with a 15 days' advance notice of cancellation (instead of the 30 days that were previously required) to the named insured's last known address, and
- to send notices of cancellation by a first-class mail tracking method (the regulation no longer requires a certificate of mail).
Continuing education requirements
This adds a requirement that insurance producers who are involved in bail bonds insurance must now obtain at least 4 hours of continuing education that directly relates to bail bond insurance.
Homeowners’ insurance notice
This amends the current regulation to provide the new form that insurers may use to meet the requirements of homeowners notices. As previously reported in Agent Headlines, use of the new form – which incorporates our suggestions – is optional.
All finalized regulations took effect Nov. 6.