summary
Introduced
02/15/2024
02/15/2024
In Committee
03/04/2024
03/04/2024
Crossed Over
Passed
Dead
04/08/2024
04/08/2024
Introduced Session
2024 Regular Session
Bill Summary
Requiring, before the Board of Directors of the Industry Automobile Insurance Association authorizes the Maryland Automobile Insurance Fund to withdraw certain amounts, that the Maryland Insurance Commissioner approve a certain certification of a certain assessment to be made on certain private passenger auto and commercial insurance carriers due to a certain loss of the Fund; and requiring the Commissioner to make a certain decision regarding certain assessment allocation percentages within 30 days.
AI Summary
This bill requires the Maryland Insurance Commissioner to approve a certification of an assessment to be made on certain private passenger auto and commercial insurance carriers due to a loss of the Maryland Automobile Insurance Fund. The bill also requires the Commissioner to make a decision regarding the assessment allocation percentages within 30 days of receiving notice from the Board of Directors. The bill provides details on the calculation and collection of the assessment, and allows insurance carriers to recoup the assessment through surcharges on policyholders.
Committee Categories
Business and Industry, Government Affairs
Sponsors (1)
Last Action
House Economic Matters Hearing (13:00:00 3/11/2024 ) (on 03/11/2024)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1483?ys=2024RS |
| Vote Image | https://mgaleg.maryland.gov/2024RS/votes_comm/hb1483_hru.pdf |
| BillText | https://mgaleg.maryland.gov/2024RS/bills/hb/hb1483f.pdf |
Loading...