Md. House panel OKs insurance bills

March 03, 1991

The Maryland House Economic Matters Committee passed Friday a number of bills affecting insurers, including one that would triple the amount of notice an insurance company must give its policyholders before withdrawing from the market.

The withdrawal bill, which does not apply to sellers of life insurance, health insurance or annuities, would require companies to give notice at least 180 days before leaving the market and would allow customers to request a hearing with the state concerning the withdrawal.

Other bills passed by the committee would:

* Require third-party administrators, which process claims and do other work for insurers, to register with and be regulated by the state.

* Require insurance companies to report suspected fraud and devise an overall anti-fraud plan.

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