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31.08.16.00.htm 31.08.16.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 08 PROPERTY AND CASUALTY INSURANCE Chapter 16 Notice of Amount of Renewal and Expiring Policy Premiums Authority: Insurance Article, §2-109, 4-113, 27-607, and 27-612, Annotated Code of Maryland
31.08.16.01.htm 31.08.16.01. 01 Purpose.. The purpose of this chapter is to ensure that an insurer properly notifies the named insured and insurance producer of the amount of a policy’s renewal and expiring premiums in accordance with Insurance Article, §27-607, Annotated Code of Maryland.
31.08.16.02.htm 31.08.16.02. 02 Applicability.. This chapter applies to all policies of personal insurance and insurance issued under the Maryland Property Insurance Availability Act or any similar act instituted to ensure the availability of property insurance.
31.08.16.03.htm 31.08.16.03. 03 Definitions.. A. In this chapter the following terms have the meanings indicated.. B. Terms Defined.. 1) “Expiring premium” means:. a) The dollar amount of the premium charged at the beginning of the expiring policy term; and. b) If different, the dollar amount of the premium:. i) Charged at the time the insurer issues the notice required by Regulation .04 of this chapter; and. ii) Stated on an annualized basis.. 2) “Insurer” means an authorized property or casua
31.08.16.04.htm 31.08.16.04. 04 Procedures and Requirements.. A. At least 45 days prior to the renewal date of a policy subject to this chapter, an insurer shall send written notice to the named insured and the insurance producer of the policy.B. The notice required under §A of this regulation:. 1) Shall be clear and specific;. 2) Shall state the dollar amount or amounts of the policy’s expiring premium;. 3) Shall state the dollar amount of the policy’s renewal premium;. 4) Shall be sent either b
31.08.16.05.htm 31.08.16.05. 05 Penalties.. Penalties for violations of these regulations shall be assessed in accordance with Insurance Article, §4-113 and 27-612, Annotated Code of Maryland.
31.08.16.9999.htm 31.08.16.9999. Administrative History Effective date: January 1, 2015 (41:21 Md. R. 1261).
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