§ 19-209. Underwriting standards related to hurricanes or other storms
West's Annotated Code of MarylandInsuranceEffective: January 1, 2017
Effective: January 1, 2017
MD Code, Insurance, § 19-209
§ 19-209. Underwriting standards related to hurricanes or other storms
(a)(1) Subject to subsections (b), (c), and (d) of this section, an insurer may issue a policy of homeowner's insurance that includes a deductible that is equal to a percentage of the “Coverage A--Dwelling Limit” of the policy.
(b) An insurer that has adopted an underwriting standard that requires a mandatory hurricane deductible equal to a percentage of the “Coverage A--Dwelling Limit” of the policy shall apply the deductible:
(c)(1) An insurer that issues a policy of homeowner's insurance may not adopt an underwriting standard that requires a deductible that exceeds 5% of the “Coverage A--Dwelling Limit” of the policy in the case of a hurricane unless the insurer has filed the underwriting standard with the Commissioner.
(d)(1) An insurer that issues a policy of homeowner's insurance that includes a deductible that is equal to a percentage of the “Coverage A--Dwelling Limit” of the policy or has adopted an underwriting standard that requires a mandatory hurricane deductible equal to a percentage of the “Coverage A--Dwelling Limit” of the policy shall provide a policyholder with an annual statement explaining the manner in which the deductible is applied in accordance with § 19-209.1 of this subtitle.
Credits
Added by Acts 2008, c. 540, § 1, eff. Oct. 1, 2008. Amended by Acts 2016, c. 491, § 1, eff. Jan. 1, 2017.
MD Code, Insurance, § 19-209, MD INSURANCE § 19-209
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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