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PARRIS N. GLENDENING, Governor H.B. 1236
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Parris N. Glendening
Governor
House Bill No. 1236
AN ACT concerning
Homeowner's Homeowner's Insurance - Perpetual Policies Risks and Classes
of Risks— Cancellation
FOR the purpose of prohibiting an insurer from canceling a authorizing an insurer to
cancel a certain policy of homeowner's insurance under certain circumstances;
and generally relating to the cancellation of a policy of homeowner's insurance.
perpetual certain insurance risk or class of risk if the provisions of the policy of
homeowner's insurance because of a claim that occurred before a certain time;
and generally relating to the cancellation of perpetual policies of homeowner's
insurance require a onetime deposit for a stated amount of coverage except
under certain circumstances.
BY repealing and reenacting, with amendments,
Article—Insurance
Section 27-501(d)(2)
Annotated Code of Maryland
(1997 Volume and 2001 Supplement)
BY adding to
Article - Insurance
Section 27-501(a)(3)
Annotated Code of Maryland
(1997 Replacement Volume and 2001 Supplement)
BY repealing and reenacting, with amendments,
Article - Insurance
Section 27-501(d)
Annotated Code of Maryland
(1997 Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
27-501.
(d) (2) (I) IN THIS PARAGRAPH, "PERPETUAL POLICY" MEANS A POLICY
THAT:
1. REQUIRES A ONE TIME DEPOSIT WITH A GUARANTEED
RETURN OF THE DEPOSIT ON TERMINATION OF THE POLICY;
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