Insurance companies seeking to assume the insurance risks of insurers domiciled in Maryland must apply to become eligible under Sections 2-112, 5-906 and 6-203 of the Insurance Article, Annotated Code of Maryland, and Subtitle 5 of Title 31 of the Code of Maryland Regulations (31.05.08.05).
Application estimated verification time: two to five business days.
Application estimated application determination time: 14 to 30 days.
Estimated length of time to complete application: varies based on size and complexity.
For initial eligibility, companies are required to submit the following:
- Application Cover Sheet.
- Reinsurance Application for Accredited Reinsurers.
- Certified copy of the most recent annual statement.
- Audited financial report for the preceding calendar year prepared by an independent certified public accountant.
- Latest Report of Examination made of the applicant by the Insurance Regulatory Agency of the applicant's state of domicile.
- Evidence that the insurer is licensed to transact insurance or reinsurance in at least one state or in the case of a U.S. branch of an alien insurer, is entered through and licensed to transact insurance or reinsurance in at least one state.
- Form AR-1, Certificate of Assuming Insurer.
- Annual Filing Fee of $1,000 (non-refundable) and $1,000 Fraud Prevention Fee made payable to the Maryland Insurance Administration.*
An Accredited Reinsurer wishing to renew its eligibility can now apply online, provided that the company’s financial statements are filed with the NAIC. The authorization should be renewed between May 1 and June 30 in accordance with Subtitle 5 of Title 31 of the Code of Maryland Regulations. Companies that are authorized as accredited reinsurers AND surplus lines insurers will not be able to renew on-line.
The renewal process can be completed online without attaching any other paperwork. You will be required to pay the renewal fee totaling $2,000 using a Visa, Mastercard, or eCheck. There is no extra charge for renewing online. If you renew by credit card, the charge on your statement will be shown as “Maryland Insurance Administration”.
How to Renew Your Certificate of Authority Online
You will enter your MIA User ID and password that were previously provided to you. Each company is associated with a unique UserID/Password combination. The system will not allow you to renew more than one company using the same UserID/Password combination.
- If you fail to complete all required fields, you will not be able to continue with your online renewal, and you will get an error message
- Before submitting your credit card or eCheck information, be sure you review the information to ensure that it is correct.
- Please be sure to print the confirmation screen for your records. This will be your proof of renewal.
If you are unable to renew online, please submit the following:
- Application Cover Sheet.
- Upon request of the Commissioner, other documentation identified in Title 31 of the Code of Maryland Regulations (31.05.08.05).
- Annual Filing Fee of $1,000 (non-refundable) and $1,000 Fraud Prevention Fee made payable to the Maryland Insurance Administration.*
*If your company is approved as an accredited reinsurer and a surplus lines insurer, total payment due is $3,000.
Minimum financial requirement is policyholders’ surplus totaling $20,000,000.
Filings and fees must be received on or before June 30 for annual renewals.
If you have any questions, contact:
Maryland Insurance Administration
Company Licensing Unit
Phone: 410-468-2104
Fax: 410-468-2112
Email: colicensing.mia@maryland.gov
Documents and fees should be submitted to:
Maryland Insurance Administration
Company Licensing Unit
200 St. Paul Place, Suite 2700
Baltimore, MD 21202
