Maryland § 32-105
Full text of Maryland Maryland Code § 32-105, with citation guidance and answers to common questions.
§ 32-105.
(a) On request of the Commissioner, but not more than once each year, a carrier shall submit to the Commissioner an ORSA Summary Report or a combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the carrier or the insurance group of which the carrier is a member.
(b) Notwithstanding any request from the Commissioner, if the carrier is a member of an insurance group, the carrier shall submit the report required by this section if the Commissioner is the lead state commissioner of the insurance group as determined by the procedures in the Financial Analysis Handbook adopted by the NAIC.
(c) The carrier shall:
(1) determine the most appropriate date of the filing based on the carrier’s internal strategic planning processes; and
(2) notify the Commissioner of the anticipated date of the filing.
(d) The carrier’s or insurance group’s chief risk officer or other executive with responsibility for the oversight of the carrier’s enterprise risk management process shall sign the report and attest to the best of that individual’s belief and knowledge that:
(1) the carrier applies the enterprise risk management process described in the ORSA Summary Report; and
(2) a copy of the report has been provided to the carrier’s board of directors or the appropriate committee of the board.
(e) A carrier may comply with subsection (a) of this section by providing the most recent and substantially similar report that the carrier or another member of an insurance group of which the carrier is a member provided to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction if that report provides information that is comparable to the information described in the ORSA Guidance Manual.
(f) Any report that is provided under subsection (e) of this section in a language other than English must be accompanied by a translation of that report into English.
Frequently Asked Questions About Maryland § 32-105
What does Maryland Code § 32-105 cover?
Section 32-105 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 32-105?
A common citation format is "Maryland Code § 32-105" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 32-105 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.