Maryland: Further Rate Modernization for Commercial Insurers Enacted

It became law without the signature of Gov. Robert Ehrlich, Jr., but on May 29 legislation lowering the annual premium threshold for commercial deregulation was lowered from $75,000 to $25,000 in Maryland. The bill, HB 245, becomes effective Oct. 1, 2006.

"This is good news for Maryland's businesses and industry as the lower threshold will provide more rate flexibility and freedom for the insurance companies that compete for their insurance dollars," said NAMIC State Affairs Manager Tami Stanton.

Stanton theorized that the lack of the governor's signature may reflect more on the governor's contentious relationship with the legislature than on the contents of the legislation.

Since the beginning of the year, modernizing legislation has also been adopted in Connecticut (personal lines), Florida (property), Indiana (commercial lines), Kansas (commercial lines) and South Dakota (personal and commercial lines clarification).

Direct questions to NAMIC State Affairs Manager Tami Stanton.

Posted: Monday, June 05, 2006 12:00:00 AM. Modified: Monday, June 05, 2006 10:57:38 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.