BALTIMORE – The Maryland Insurance Administration (MIA) today announced six new insurance companies have been licensed to do business in the state of Maryland since January 1, 2016. The MIA also approved applications for eleven companies (already licensed to do business in Maryland) to sell additional insurance products.
“We are pleased to have additional companies enter the Maryland insurance marketplace and to have existing companies expand their product offerings to Maryland consumers,” said Maryland Insurance Commissioner Al Redmer, Jr. “When insurance companies decide to increase their footprint in Maryland that is a sign of a healthy marketplace and it provides our consumers with additional choices.”
The MIA granted Certificates of Authority to the following insurance companies:
- Atlantic Coast Life Insurance, State of Domicile: South Carolina; licensed as a Life and Health Insurer;
- LifeWise Assurance Company, State of Domicile: Washington; licensed as a Life and Health Insurer;
- OBI America Insurance Company, State of Domicile: Pennsylvania; licensed as Workers’ Compensation Insurer;
- Radian Mortgage Guaranty, Inc., State of Domicile: Pennsylvania; licensed as Mortgage Guaranty Insurer;
- Stonetrust Commercial Insurance Company, State of Domicile: Louisiana; licensed as Workers’ Compensation Insurer;
- Trident Insurance Group, Inc., State of Domicile: Maryland; Licensed as Surety Insurer.
Approved New Managing General Agents Applications:
- Assure Space, LLC, State of Domicile: Maryland; Licensed as Managing General Agent;
- Professional Risk Management Services, Inc., State of Domicile: Virginia; Licensed as Managing General Agent.
- Approved New Risk Retention Group Applications:
- Academic Medical Professionals Insurance, State of Domicile: Vermont;
- American Risk Management Risk, State of Domicile: Tennessee.
- Approved New Surplus Lines Applications:
- CM Vantage Specialty Insurance Company, State of Domicile: Wisconsin.
- Authorized/Registered to do business in Maryland
- Markel Bermuda Limited, State of Domicile: New Jersey; licensed as an Accredited Reinsurer;
- E.D. Plan, Inc., State of Domicile: New York; licensed as a Pharmacy Benefit Manager.
- Insurance Companies Approved to Add Lines of Insurance in Maryland marketplace:
- Accredited Surety and Casualty Company – added Workers’ Compensation product line;
- Aspen American Insurance Company – added Health insurance product line;
- Allstate Assurance Company – added Variable Life product line;
- Great American Life Insurance Company – added Variable life and Variable annuity product lines.