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MIA seeks streamlined approval for credit-insurance training materials, proposes record-retention oversight instead of preapproval
Summary
The Maryland Insurance Administration told the committee HB 30 would remove the requirement that credit-insurance training courses be preapproved by the commissioner and instead create record-retention standards so the MIA can audit materials when needed.
Mary Quay, associate commissioner for market regulation and professional licensing at the Maryland Insurance Administration (MIA), testified in support of House Bill 30. The bill would eliminate the need to submit credit-insurance training course materials to the MIA for prior approval and instead require carriers and limited-line license applicants to retain records of the training so the MIA can request documentation during market conduct or enforcement reviews.
Quay said credit insurance (coverage that pays or reduces a loan if a borrower qualifies for benefits) is often sold by limited-line licensees who complete a course provided by the insurer. Under current law, courses must be filed with and approved by the commissioner but the MIA has no standardized approval criteria. HB 30 would remove the upfront filing requirement, reduce carrier administrative burden, and give the MIA audit and enforcement authority through retention and production requirements.
MIA asked for a favorable report; committee members had no recorded questions at the hearing.
