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§ 2-502. Collection and calculation of annual assessment fees

West's Annotated Code of MarylandInsuranceEffective: June 1, 2010

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 2. Maryland Insurance Administration
Subtitle 5. Insurance Regulation Assessment (Refs & Annos)
Effective: June 1, 2010
MD Code, Insurance, § 2-502
§ 2-502. Collection and calculation of annual assessment fees
Currentness
Collection of fee by Commissioner
(a) The Commissioner shall collect an annual assessment fee from each insurer as provided in subsection (b) of this section.
Calculation of fee
(b) The assessment fee shall be calculated as follows:
(1) for each health insurer, the assessment fee is the product of the fraction obtained by dividing the gross direct premium written by the health insurer in the prior calendar year by the total amount of gross direct premium written by all health insurers in the prior calendar year, multiplied by the health insurer assessment portion;
(2) for each life insurer, the assessment fee is the product of the fraction obtained by dividing the gross direct premium written by the life insurer in the prior calendar year by the total amount of gross direct premium written by all life insurers in the prior calendar year, multiplied by the life insurer assessment portion;
(3) for each property and casualty insurer, the assessment fee is the product of the fraction obtained by dividing the gross direct premium written by the property and casualty insurer in the prior calendar year by the total amount of gross direct premiums written by all property and casualty insurers in the prior calendar year, multiplied by the property and casualty insurer assessment portion; and
(4) for each domestic reinsurer subject to § 4-115(b)(2)(ii) and (c)(3) of this article, the assessment fee is the average of the assessment fee paid by the 100 property and casualty insurers with the highest gross direct written premium in the prior calendar year.
Multiple type insurers
(c) For the purpose of calculating the assessment fee in subsection (b) of this section, a multiple type insurer shall be considered either a health insurer, a life insurer, or a property and casualty insurer based on the majority of premium type written.
Minimum assessment
(d) Notwithstanding any other provision of this subtitle, the minimum assessment shall be $300 for each authorized insurer.

Credits

Added by Acts 1998, c. 774, § 3, eff. April 1, 1999. Amended by Acts 2010, c. 83, § 1, eff. June 1, 2010; Acts 2010, c. 84, § 1, eff. June 1, 2010.
MD Code, Insurance, § 2-502, MD INSURANCE § 2-502
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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