In December the Maryland Insurance Administration’s (MIA) issued their interim report on Parity Act compliance. Click here to read the report.
The report is very thorough and includes eight recommendations that the MIA urged the General Assembly to consider during the 2024 legislative session. Among them is the adoption of additional enforcement authority for the MIA so that it can address the “uniformly and significantly inadequate” carrier reports and make substantive findings of compliance. The MIA stated that penalties alone are not sufficient to address carrier noncompliance and are not sufficiently high to prevent carriers from simply paying the penalty to avoid disclosing information that would reveal a parity violation.
Although additional information is needed from the MIA to fully consider some of its recommendations, there is a great opportunity to work with the MIA to improve enforcement. To read the Legal Action Center’s assessment of the Maryland Insurance Administration’s (MIA) Interim Parity Report and their initial position on the MIA’s 8 recommendations for updating the compliance reporting statute and process please click here.