Maryland Insurance Section 14-121

      (a)      (1)      On or before March 1 of each year, unless the Commissioner extends the time for good cause, each nonprofit health service plan shall file with the Commissioner a complete statement of its financial condition, transactions, and affairs for the immediately preceding calendar year.

            (2)      The annual statement shall contain the information required by the Commissioner and be certified by an independent certified public accountant.

            (3)      The applicable fee required by § 2-112 of this article shall be submitted at the same time as the statement.

            (4)      Unless the Commissioner extends the time for filing, a nonprofit health service plan that fails to file an annual statement on or before March 10 shall pay a penalty of:

                  (i)      $100 for each day from March 1 to March 10, both inclusive; and

                  (ii)      $150 for each day from March 11 to the day before the Commissioner receives the statement, both inclusive.

      (b)      At any time, the Commissioner may require a nonprofit health service plan doing business in the State to file an interim statement containing the information that the Commissioner considers necessary.

      (c)      (1)      (i)      This paragraph does not apply to:

                        1.      a health maintenance organization required to file an annual report under § 19-717 of the Health - General Article; or

                        2.      an authorized insurer required to file an annual report under § 4-116 of this article.

                  (ii)      On or before June 30 of each year, unless the Commissioner extends the time for good cause, each nonprofit health service plan shall file with the Commissioner an audited financial report for each affiliate and subsidiary owned by or under the control of the nonprofit health service plan during the immediately preceding calendar year.

            (2)      The report shall contain the information required by the Commissioner and be certified by an independent certified public accountant as to the financial condition, transactions, and affairs of each affiliate and subsidiary for the immediately preceding calendar year.

            (3)      Unless the Commissioner extends the time for filing, a nonprofit health service plan that fails to file an audited financial report on or before July 10 shall pay a penalty of:

                  (i)      $100 for each day from June 30 to July 10, both inclusive; and

                  (ii)      $150 for each day from July 11 to the day before the Commissioner receives the report, both inclusive.

      (d)      As part of the audited financial report required under subsection (c) of this section, each nonprofit health service plan shall:

            (1)      file a consolidated financial statement that:

                  (i)      covers the nonprofit health service plan and each of its affiliates and subsidiaries; and

                  (ii)      consists of the financial statements of the nonprofit health service plan and each of its affiliates and subsidiaries, certified by an independent certified public accountant as to the financial condition, transactions, and affairs of the plan and its affiliates and subsidiaries for the immediately preceding calendar year;

            (2)      provide a list of:

                  (i)      the names and addresses of and biographical information about the members of the board of directors of the nonprofit health service plan;

                  (ii)      the total compensation, including all cash and deferred compensation in addition to salary, of:

                        1.      each member of the board of directors of the nonprofit health service plan;

                        2.      each officer of the nonprofit health service plan or any affiliate or subsidiary of the plan; and

                        3.      any employee of the nonprofit health service plan or any affiliate or subsidiary of the plan designated by the Commissioner; and

            (3)      provide any other information or documents necessary for the Commissioner to ensure compliance with this subtitle.

      (e)      The statements and reports required under this section shall be in the form required by the Commissioner.

      (f)      Whenever a corporation authorized under this subtitle makes a change that would result in a change in any of the information required under subsection (d) of this section, the corporation shall notify the Commissioner within 30 days after the change becomes effective.