Maryland Gov. Parris Glendening signed legislation last week removing form filing requirements for commercial insurers and sophisticated clients. Senate Bill 598 exempts some large commercial policyholders from obtaining prior approval for forms.
The bill also exempts policies of certain sophisticated policyholders from form filling requirements. Exempt commercial policyholders must pay $75,000 in commercial lines premiums, excluding workers’ compensation and professional liability and meet two of the following criteria: revenues or sales of $10 million; net worth of $5 million; 25 full-time employees; an annual budget of $10 million for non-profit organizations or public bodies; or 15,000 in population for municipalities.
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