Home Table of Contents

§ 20-409. Adjustments to assessment surcharges

West's Annotated Code of MarylandInsuranceEffective: June 1, 2023

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)
Effective: June 1, 2023
MD Code, Insurance, § 20-409
§ 20-409. Adjustments to assessment surcharges
Currentness
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.
Return of excess
(b)(1) 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 shall promptly return the excess to the association member.
(2) An Association member to whom an excess is returned under paragraph (1) of this subsection shall:
(i) refund the excess to the policyholders who paid the excess; or
(ii) apply the excess as an expense reduction in a subsequent rate filing.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 2023, c. 535, § 1, eff. June 1, 2023.
Formerly Art. 48A, § 243M.
MD Code, Insurance, § 20-409, MD INSURANCE § 20-409
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.
End of Document