EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*sb0697*
SENATE BILL 697
C4 5lr3203
By: Senator Beidle
Introduced and read first time: January 26, 2025
Assigned to: Finance
A BILL ENTITLED
AN ACT concerning 1
Maryland Automobile Insurance Fund – Premium Discounts – Methodology 2
FOR the purpose of requiring that a premium discount provided by the Maryland 3
Automobile Insurance Fund to an insured be based on the income of the insured and 4
actuarially justified; and generally relating to the Maryland Automobile Insurance 5
Fund. 6
BY adding to 7
Article – Insurance 8
Section 20–507(i) 9
Annotated Code of Maryland 10
(2017 Replacement Volume and 2024 Supplement) 11
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
That the Laws of Maryland read as follows: 13
Article – Insurance 14
20–507. 15
(I) A REDUCTION IN A PREMIUM PROVIDED BY THE FUND TO AN INSURED 16
SHALL BE: 17
(1) BASED ON THE INCOME OF THE INSURED ; AND 18
(2) ACTUARIALLY JUSTIFIE D. 19
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 20
October 1, 2025. 21