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§ 11-317. Statement of rate classifications

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 11. Insurance Rating Law
Subtitle 3. Competitive Rating (Refs & Annos)
Part III. Same--Automobile Insurance Generally
MD Code, Insurance, § 11-317
§ 11-317. Statement of rate classifications
Currentness
Increase in a policy premium
(a) In this section, “increase in a policy premium” includes an increase in premium due to:
(1) a surcharge;
(2) retiering or other reclassification of an insured; or
(3) removal or reduction of a discount.
Contents of statement
(b) Each insurer that provides a private passenger automobile insurance policy shall provide to the policyholder at the time of issuance or renewal of the policy a statement that:
(1) defines the policyholder's rate classifications;
(2) if the insurer is an authorized insurer includes a summary, in a form approved by the Commissioner, of the insurer's approved surcharge plan or driver record point plan for that policy; and
(3) includes a section that provides a general description of the factors, including credit information if applicable, that may cause or contribute to an increase in a policy premium.
Sufficiency of statement
(c) The statement must be sufficiently clear and specific so that an individual of average intelligence can identify the classifications without making further inquiry.
Private passenger automobile insurance through insurance producers
(d) An insurer that markets private passenger automobile insurance through insurance producers shall make available to its producers a copy of the statement required under this section.

Credits

Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997; Amended by Acts 2002, c. 553, § 1, eff. Oct. 1, 2002.
Formerly Art. 48A, § 244D.
MD Code, Insurance, § 11-317, MD INSURANCE § 11-317
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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