§ 3-217. Assessments levied on subscribers
West's Annotated Code of MarylandInsuranceEffective: April 13, 2021
Effective: April 13, 2021
MD Code, Insurance, § 3-217
§ 3-217. Assessments levied on subscribers
(a) Assessments periodically may be levied on the subscribers of a domestic reciprocal insurer liable for assessments, as allowed by the terms of the subscribers' policies, by:
(b)(1) Subject to paragraph (3) of this subsection, each subscriber's share of a deficiency for which an assessment is made shall be calculated by multiplying:
(c) A subscriber may not have an offset against an assessment for which the subscriber is liable because of a claim for an unearned premium or loss payable.
(d) Each subscriber of a domestic reciprocal insurer with contingent liability is liable for and shall pay the subscriber's share of an assessment as calculated and limited in accordance with this subtitle if, while the subscriber's policy is in force or within 3 years after its termination:
(e) One policy or a subscriber to one policy may not be assessed or charged with a total contingent liability for obligations incurred by a domestic reciprocal insurer in 1 calendar year, in excess of the amount set forth in the power of attorney or subscribers' agreement calculated solely on the premium earned on the policy during that year.
Credits
Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997. Amended by Acts 2021, c. 109, § 1, eff. April 13, 2021.
Formerly Art. 48A, §§ 295 to 297.
MD Code, Insurance, § 3-217, MD INSURANCE § 3-217
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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