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§ 20-409. Adjustments to 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, § 20-409
§ 20-409. Adjustments to assessment surcharges
Increase in assessment surcharge
(a) If the aggregate amount of assessment surcharges received by an Association member during a surcharge year is less than that Association member's assessment payment, the Association member's assessment surcharge authorized under § 20-406 of this subtitle shall be increased accordingly for the next appropriate surcharge year.
Deposit of excess in Insufficiency Assessment Reserve Fund
(b) If the aggregate amount of assessment surcharges received by an Association member during a recoupment year exceeds the Association member's assessment payment, the Association member shall deposit the excess in the Insufficiency Assessment Reserve Fund as provided in § 20-410 of this subtitle and shall receive a credit for the amount deposited against the next appropriate assessment imposed under this subtitle.
Adjustments to annual assessment allocation percentage
(c) The Association may adjust the annual assessment allocation percentage for an Association member to reflect any surcharge excess or shortfall for the previous applicable surcharge year.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 243M.
MD Code, Insurance, § 20-409, MD INSURANCE § 20-409
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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