Regulatory Compliance Consulting Firm

Maryland Releases Draft Bulletin on Commission Expense Reduction Plans

The Maryland Insurance Administration has released a draft bulletin to advise property and casualty insurance companies and producers of possible upcoming changes to the regulation of Commission Expense Reduction Plans (“CERP”). The bulletin outlines that a CERP continues to be prohibited by Maryland law, but it also summarizes possible changes to the Maryland Insurance Article which would allow CERPs to be filed and approved under limited circumstances as provided in the proposed changes to §§ 27-212(e) and 27-216(b)(2)(iii) of the Insurance Article of the Annotated Code of Maryland (“Insurance Article”).

The bulletin indicates that there is a period of public comment available until Friday, July 7, 2017. All comments on the bulletin should be sent to Robert Baron of the Maryland Insurance Administration (Robert.baron@maryland.gov).

Click HERE to view the Bulletin and/or instructional video.

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Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us.

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