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§ 23-302.1. Finance of additional premium by insured

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 23. Premium Financing
Subtitle 3. Premium Finance Agreements; Charges and Fees (Refs & Annos)
MD Code, Insurance, § 23-302.1
§ 23-302.1. Finance of additional premium by insured
Currentness
In general
(a) An insured may finance an additional premium if:
(1) the insured has paid the down payment, if any, required by the premium finance company on the additional premium; and
(2) the premium finance company delivers or mails a written notice to the insured at the last known address of the insured indicating that:
(i) there is a revised premium finance agreement; and
(ii) in the event of default in payment of the revised premium finance agreement, the policy may be canceled.
Delay of cancellation
(b) An insurer may not delay cancellation for the sole purpose of applying premiums on deposit to any additional premium.

Credits

Added by Acts 1997, c. 273, § 1, eff. Oct. 1, 1997.
MD Code, Insurance, § 23-302.1, MD INSURANCE § 23-302.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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