Maryland SB469 establishes an affordability program for the Maryland Automobile Insurance Fund and modifies assessment rates.

Maryland SB469 revises the Maryland Automobile Insurance Fund to include an affordability program, allowing the Executive Director to set premiums based on factors like the number of points accumulated by an insured or applicant for insurance and prior claims experience. The bill also modifies the assessment rates for the Industry Automobile Insurance Association. The changes aim to ensure the Fund provides financial security at affordable rates, effective October 1, 2026.

Maryland SB469 establishes an affordability program for the Maryland Automobile Insurance Fund and modifies assessment rates.

Maryland SB469 revises the Maryland Automobile Insurance Fund to include an affordability program, allowing the Executive Director to set premiums based on factors like the number of points accumulated by an insured or applicant for insurance and prior claims experience. The bill also modifies the assessment rates for the Industry Automobile Insurance Association. The changes aim to ensure the Fund provides financial security at affordable rates, effective October 1, 2026.