(a)(1) If an insurer uses a catastrophic risk planning model or other model in setting homeowner’s insurance rates or refusing to issue or renew homeowner’s insurance because of the geographic location of the risk, the insurer shall:
(i)file with the Commissioner a description of the specific model used in setting the rate or refusing to issue or renew homeowner’s insurance because of the geographic location of the risk; and
(ii)make arrangements for the vendor of the model to explain to the Commissioner and the People’s Insurance Counsel the data used in the model and the manner in which the output is obtained.
(2)If at any time an insurer changes the catastrophic risk planning model or other model upon which it is relying, the insurer
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(a) (1) If an insurer uses a catastrophic risk planning model or other model in setting homeowner’s insurance rates or refusing to issue or renew homeowner’s insurance because of the geographic location of the risk, the insurer shall:
(i) file with the Commissioner a description of the specific model used in setting the rate or refusing to issue or renew homeowner’s insurance because of the geographic location of the risk; and
(ii) make arrangements for the vendor of the model to explain to the Commissioner and the People’s Insurance Counsel the data used in the model and the manner in which the output is obtained.
(2) If at any time an insurer changes the catastrophic risk planning model or other model upon which it is relying, the insurer shall notify the Commissioner of the change and comply with paragraph (1) of this subsection.
(b) (1) The information filed under subsection (a) of this section is proprietary and confidential commercial information under § 4–335 of the General Provisions Article.
(2) The People’s Insurance Counsel shall maintain the confidentiality of any proprietary and confidential commercial information to which the People’s Insurance Counsel obtains access under subsection (a) of this section.
(c) The Commissioner may adopt regulations to implement the provisions of this section.