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2004 Summary of New State Laws - Maryland

Issue

Bill #

Bill Description

Financial Regulation

HB 533

Amends the definition of "impaired insurer" as it applies to stock insurers and mutual insurers. An impaired insurer is one whose assets, less all liabilities and required reserves, do not equal or exceed the surplus required to engage in insurance business as a stock insurer or mutual insurer. Effective 10/1/04. Chapter 49, Laws of 2004.

Fraud

SB 639

Requires the Insurance Fraud Division of the Maryland Insurance Administration to notify the Workers' Compensation Commission of certain suspected cases of insurance fraud involving workers' compensation benefits or related expenses. Effective 10/1/04. Chapter 471, Laws of 2004.

Insurance Scoring

SB 101

Repeals the sunset provision in a law allowing the use of credit history in issuing private passenger motor vehicle insurance policies. Effective 10/1/04. Chapter 91, Laws of 2004.

Workers' Compensation

HB 776

Provides workers' compensation benefits for Montgomery County deputy sheriffs. Effective 10/1/04. Chapter 203, Laws of 2004.

The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.

This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.

Maryland State Resource Center