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Ch. 486 2007 Laws of Maryland
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(4) the People's Insurance Counsel, or the Insurance Counsel's
designee.
(c) The Chair of the Senate Finance Committee and the Chair of the House
Economic Matters Committee jointly shall appoint co-chairs of the Task Force from
among the Senate and House members appointed to the Task Force.
(d) The Maryland Insurance Administration shall provide staff for the Task
Force.
(e) A member of the Task Force may not receive compensation for serving on
the Task Force, but is entitled to reimbursement for expenses under the Standard
State Travel Regulations, as provided in the State budget.
(f) The purpose of the Task Force is to examine methods to ensure the
continued availability and affordability of property insurance in coastal areas of
Maryland.
(g) In examining methods to ensure the continued availability and
affordability of property insurance in coastal areas of Maryland, the Task Force shall
study:
(1) the availability and affordability of homeowner's insurance and
other property insurance in coastal areas of the State, including the Eastern Shore
and Southern Maryland, and whether there is sufficient competition within those
areas:
(2) the current number and types of insurers in the coastal markets,
including admitted carriers, excess and surplus lines carriers, residual market
mechanisms, captives, and the reinsurance market, and the types of products offered:
(3) the competition and rate adequacy in the coastal markets for
storm-related perils:
(4) the impact of coastal markets on the availability and affordability
of property insurance in noncoastal areas and the costs associated with spreading
property insurance risks among homeowners across the entire State:
(5) the regulatory framework within the State for the pricing and
underwriting of property insurance, including the use of named storm deductibles;
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- 2806 -
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