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PARRIS N. GLENDENING, Governor
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Ch. 553
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INSURER OTHER THAN THE MARYLAND AUTOMOBILE INSURANCE FUND MAY NOT
INCREASE A RENEWAL POLICY PREMIUM BY LESS THAN 20%.
(2) (I) THE INSURER SHALL SEND WRITTEN NOTICE OF THE
PROPOSED RENEWAL POLICY PREMIUM INCREASE TO THE INSURED AT THE LAST
KNOWN ADDRESS OF THE INSURED.
(II) A NOTICE OF RENEWAL PREMIUM DUE REQUIRED BY § 27-607
OF THIS SUBTITLE SHALL BE DEEMED TO SATISFY THE REQUIREMENTS OF
SUBPARAGRAPH (I) OF THIS PARAGRAPH.
(3) (I) AN INSURED MAY PROTEST THE RENEWAL POLICY PREMIUM
INCREASE THAT IS THE SUBJECT OF THE NOTICE BY SENDING A WRITTEN PROTEST
TO THE COMMISSIONER WITHIN 30 DAYS AFTER THE MAILING DATE OF THE NOTICE.
(II) A PROTEST SHALL BE IN WRITING, BE SIGNED BY THE INSURED,
AND STATE THE REASONS WHY THE INSURED BELIEVES THE RENEWAL POLICY
PREMIUM INCREASE IS INCORRECT.
(4) (I) NOT MORE THAN 30 DAYS FOLLOWING THE DISALLOWANCE OF
A RENEWAL POLICY PREMIUM INCREASE BY THE COMMISSIONER, AN INSURER
SHALL RETURN ALL DISALLOWED PREMIUMS RECEIVED FROM THE INSURED,
TOGETHER WITH SIMPLE INTEREST ON THE DISALLOWED PREMIUMS CALCULATED
AT 10% PER ANNUM.
(II) IF AN INSURER FAILS TO RETURN ANY DISALLOWED
PREMIUMS, OR FAILS TO PAY INTEREST TO AN INSURED UNDER SUBPARAGRAPH (I)
OF THIS PARAGRAPH, THE COMMISSIONER MAY IMPOSE ON THE INSURER AN
ADMINISTRATIVE PENALTY OF NOT LESS THAN $100 AND NOT MORE THAN $500.
(C) THE REQUIREMENTS OF SUBSECTIONS (A) AND (B) OF THIS SECTION DO
NOT APPLY TO A RENEWAL POLICY PREMIUM INCREASE THAT:
(1) IS PART OF A GENERAL INCREASE IN PREMIUMS FILED WITH THE
COMMISSIONER; OR
(2) RESULTS FROM A CHANGE IN THE POLICY CAUSED BY THE INSURED.
SECTION 3. AND BE IT FURTHER ENACTED, That Section 1 of this Act shall
take effect October 1, 2002, and shall apply to motor vehicle liability insurance
policies issued or renewed on or after that date.
SECTION 1. AND BE IT FURTHER ENACTED, That Section 2 of this Act shall
take effect January 1, 2003, and shall apply to motor vehicle liability insurance
policies issued or renewed on or after that date.
SECTION 5. AND BE IT FURTHER ENACTED, That, except as provided in
Section 4 of this Act, this Act shall take effect October 1, 2002.
SECTION 2. AND BE IT FURTHER ENACTED, That Section 1 of this Act
applies to all cancellations of, failures to renew, increases in premium for, and
reductions in coverage under a policy of motor vehicle liability insurance that are
effective on or after October 1, 2002 January 1, 2003.
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- 4179 -
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