Maryland SB690 mandates annual distribution of $5,000,000 from property and casualty insurer taxes to the State Disaster Recovery Fund.
Maryland SB690 amends the state's insurance laws to require the annual distribution of $5,000,000 from taxes imposed on property and casualty insurers to the State Disaster Recovery Fund. This distribution is set to begin on July 1, 2026, and is intended to bolster the state's preparedness and response to disasters. The bill modifies Article – Insurance Section 6–103.3 of the Annotated Code of Maryland.
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- Legal Framework
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