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§ 25-402. Purposes of subtitle

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 25. Alternative Market Mechanisms
Subtitle 4. Maryland Property Insurance Availability Act (Refs & Annos)
MD Code, Insurance, § 25-402
§ 25-402. Purposes of subtitle
The purposes of this subtitle are:
(1) to authorize and establish:
(i) the Joint Insurance Association;
(ii) a program to make essential property insurance available from the Association to qualified applicants with the least possible administrative detail and expense; and
(iii) a program to make the homeowner's insurance that is provided by the Association available to qualified applicants with the least possible administrative detail and expense;
(2) to encourage the improvement of the condition of properties located in the State;
(3) to further orderly community development in general;
(4) to publicize the purposes and procedures of this subtitle so that no one fails to seek assistance from the Association because of ignorance;
(5) to utilize fully the voluntary insurance market as a source of essential property insurance and homeowner's insurance; and
(6) to encourage the delivery of essential property insurance, and the homeowner's insurance that is provided by the Association, at the most reasonable cost possible, provided that insurance pricing by the Association:
(i) is actuarially self-supporting; and
(ii) does not actively compete with insurance pricing in the voluntary insurance market.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 478A.
MD Code, Insurance, § 25-402, MD INSURANCE § 25-402
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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