On May 29, 2024, the Maryland Insurance Administration (MIA) issued Bulletin 24-14 regarding form filing requirements related to the passage of Maryland House Bill 1482.
Maryland House Bill 1482 increases penalties imposed on vehicle owners for failing to maintain the required security, including mandatory minimum insurance coverage, for a registered vehicle, and will become effective on July 1, 2024. The bulletin reminds insurers that currently specify any of the penalty amounts changed by House Bill 1482 in their policy forms to update those forms to include the revised penalty amounts. Updated forms must be submitted to the MIA for review no later than June 30, 2024. The MIA encourages insurers to submit stand-alone form filings to help expedite the review process.
Impacted forms must be updated and in use on July 1, 2024. With the abbreviated time frame, the MIA will deem the use of the updated forms to be permissible under the State's form filing approval requirements as long as the filing is made by June 30, 2024.
Please see Bulletin 24-14 for more information. For any questions regarding the bulletin, please contact William Fawcett, Property and Casualty Associate Commissioner, at william.fawcett@maryland.gov or 410-468-2353.