Home Table of Contents

§ 2-503. Payment and penalties relating to annual assessment fees

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 2. Maryland Insurance Administration
Subtitle 5. Insurance Regulation Assessment (Refs & Annos)
MD Code, Insurance, § 2-503
§ 2-503. Payment and penalties relating to annual assessment fees
Currentness
Collection of fee by Commissioner
(a) The Commissioner shall collect the annual assessment fee from each insurer as calculated in § 2-502 of this subtitle.
Nature of assessment fee
(b) The assessment fee collected under this section is:
(1) in addition to any penalties or premium tax imposed under this article; and
(2) due and payable to the Commissioner on or before a date determined by the Commissioner each year.
Failure to pay fee on or before due date
(c)(1) Failure by an insurer to pay the assessment fee on or before the due date shall subject the insurer to the provisions of §§ 4-113 and 4-114 of this article.
(2) In addition to paragraph (1) of this subsection, an assessment fee not paid on or before the due date may be subject to a penalty of 5% and interest at the rate determined under § 13-701(b)(1) of the Tax-General Article from the due date until payment is made to the Commissioner.
(3) If an additional amount is found to be due after the assessment fee has been paid to the Commissioner, the additional amount is subject to interest at 6% from the due date until payment is made to the Commissioner.
Total assessment fee deposited into Fund
(d) The total amount of the assessment fee collected by the Commissioner shall be deposited in the Fund.
Construction with payment of premium taxes
(e) This section does not affect any requirement otherwise established by law for the payment of premium taxes by an insurer.

Credits

Added by Acts 1998, c. 774, § 3, eff. April 1, 1999. Amended by Acts 2002, c. 317, § 2, eff. July 1, 2002.
MD Code, Insurance, § 2-503, MD INSURANCE § 2-503
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