Comprehensive and Detailed Step by Step Explanation:
The Maryland Insurance Administration (MIA) is the regulatory body responsible for ensuring compliance with state insurance laws, including identifying unfair trade practices:
The Maryland Insurance Administration (A):Has statutory authority to examine insurers’ books and records to investigate potential violations and protect consumers.
National Association of Insurance Commissioners (B):Provides guidance but lacks enforcement powers in Maryland.
Federal Deposit Insurance Corporation (C):Regulates banks, not insurers.
PCIGC (D):Handles claims for insolvent insurers but does not investigate trade practices.
[References:Maryland Insurance Article §2-209, COMAR 31.15.07, and MIA EnforcementGuidelines., ]
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