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Ch. 317 2002 LAWS OF MARYLAND
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2-501.
(b) "Assessment" means an assessment that, SUBJECT TO § 2-505(C)(3) OF THIS
SUBTITLE, [:
(1) ] equals 60% OF the approved Administration's APPROVED annual
budget appropriation less the fees collected under this article [; and
(2) does not exceed 40% of the Administration's approved budget
appropriation].
(e) "Health insurer assessment portion" means [45%] 42.5% 40% of the
assessment.
(h) "Life insurer assessment portion" means 27.5% 26% of the assessment.
(1) "Property and casualty insurer assessment portion" means [27.5%] §30%
34% of the assessment.
2-503.
(a) [Beginning on April 1, 1999, the] EXCEPT AS PROVIDED UNDER
SUBSECTION (F) OF THIS SECTION, THE Commissioner shall collect the annual
assessment fee ON A QUARTERLY BASIS from each insurer as calculated in § 2-502 of
this subtitle.
(b) The QUARTERLY assessment fee collected under this section is:
(1) in addition to any penalties or premium tax imposed under this
article; and
(2) due and payable to the Commissioner on or before July 1 of A DATE
DETERMINED BY THE COMMISSIONER each year AND QUARTERLY THEREAFTER.
(c) (1) Failure by an insurer to pay the assessment fee on or before [July 1
of each year] A THE DUE DATE shall subject the insurer to the provisions of §§ 4-113
and 4-114 of this article.
(2) In addition to paragraph (1) of this subsection, an assessment fee not
paid on or before [July 1] A THE DUE DATE may be subject to a penalty of 5% and
interest at the rate determined under § 13-701(b)(l) of the Tax - General Article from
July 1 THE DUE DATE until payment is made to the Commissioner.
(3) If an additional amount is found to be due after the assessment fee
has been paid to the Commissioner, the additional amount is subject to interest at 6%
from [July 1] THE DUE DATE until payment is made to the Commissioner.
(d) The total amount of the assessment fee collected by the Commissioner
shall be deposited in the Fund.
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(e) This section does not affect any requirement otherwise established by law
for the payment of premium taxes by an insurer.
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- 2790 -
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