Health care reforms in Maryland need only minor adjustments to be as effective as an insurance "exchange" established in Massachusetts, according to a new report that compared both states.

The report, released Wednesday in Annapolis by two insurance trade associations, found that Maryland's current system of distributing insurance to small employers and individuals is adequate and takes the place of the so-called health insurance exchange offered in Massachusetts.

There, the state's universal health care system organizes and sells health insurance to uninsured individuals and small groups, maintaining a...