Maryland SB95 regulates parametric insurance, establishes a pilot program, and sets consumer protection standards.

Maryland SB95 introduces regulations for parametric insurance, which pays a predetermined benefit when a specified, objectively measurable trigger event occurs. The bill establishes a pilot program for parametric insurance, focusing on low- or moderate-income households, small businesses, local governments, and public entities. It mandates an expedited review process for public or community-based pilot programs. Insurers must report to the Maryland Insurance Commissioner on the results of the pilot program by December each year.

Maryland SB95 regulates parametric insurance, establishes a pilot program, and sets consumer protection standards.

Maryland SB95 introduces regulations for parametric insurance, which pays a predetermined benefit when a specified, objectively measurable trigger event occurs. The bill establishes a pilot program for parametric insurance, focusing on low- or moderate-income households, small businesses, local governments, and public entities. It mandates an expedited review process for public or community-based pilot programs. Insurers must report to the Maryland Insurance Commissioner on the results of the pilot program by December each year.