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S.B. 913
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VETOES
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 27-605 of Article - Insurance of the Annotated Code of
Maryland be renumbered to be Section(s) 27-613.
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:
Article - Insurance
12-106.
[(a) This section does not apply to life insurance or health insurance.]
(A) THIS SECTION APPLIES ONLY TO A BINDER OR POLICY, OTHER THAN A
RENEWAL POLICY, OF PRIVATE PASSENGER MOTOR VEHICLE, HOMEOWNERS,
DWELLING, CREDIT LOSS, OR COMMERCIAL PROPERTY INSURANCE OR LIABILITY
INSURANCE.
(B) A BINDER OR POLICY IS SUBJECT TO A 45-DAY UNDERWRITING PERIOD
BEGINNING ON THE EFFECTIVE DATE OF COVERAGE.
(C) AN INSURER MAY CANCEL A BINDER OR POLICY DURING THE
UNDERWRITING PERIOD IF THE RISK DOES NOT MEET THE UNDERWRITING
STANDARDS OF THE INSURER
(D) IF APPLICABLE, AT THE APPLICATION OR WHEN A BINDER OR POLICY IS
ISSUED, AN INSURER SHALL PROVIDE WRITTEN NOTICE OF ITS ABILITY TO CANCEL A
BINDER OR POLICY DURING THE UNDERWRITING PERIOD.
(E) A NOTICE OF CANCELLATION UNDER THIS SECTION SHALL:
(1) BE IN WRITING;
(2) HAVE AN EFFECTIVE DATE NOT LESS THAN 15 DAYS AFTER MAKING;
AND
(3) STATE CLEARLY AND SPECIFICALLY THE INSURER'S ACTUAL
REASON FOR THE CANCELLATION.
[(b)] (F) A binder or other contract for temporary insurance:
(1) may be made orally or in writing; and
(2) except as superseded by the clear and express terms of the binder, is
considered to include:
(i) all the usual terms of the policy as to which the binder was
given; and
(ii) the applicable endorsements designated in the binder.
[(c)] (G) A binder is no longer valid after the policy as to which it was given is
issued.
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- 3420 -
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