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§ 20-407. Election by Association member to impose assessment surcharges

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 20. Maryland Automobile Insurance Fund (Refs & Annos)
Subtitle 4. Industry Automobile Insurance Association (Refs & Annos)
MD Code, Insurance, § 20-407
§ 20-407. Election by Association member to impose assessment surcharges
In general
(a) On or before June 30 of each year, each Association member shall elect whether to recoup its share of the assessment for the immediately preceding year by imposing an assessment surcharge, where appropriate, on each of the Association member's commercial auto policyholders or private passenger auto policyholders, or both.
Waiver of option to impose assessment surcharge
(b) An Association member that does not elect on or before June 30 to recoup its share of an assessment is considered to have recouped that assessment and to have waived its option to impose an assessment surcharge on its policyholders.
Absorption or recovery of annual assessment
(c)(1) This section does not deny an Association member the right to:
(i) absorb an annual assessment; or
(ii) recover all or part of an annual assessment as costs in rate filings made under this article.
(2) An Association member that recovers assessments as costs in rate filings shall identify the assessment on any premium billing to the policyholder.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 243M.
MD Code, Insurance, § 20-407, MD INSURANCE § 20-407
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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