Maryland property and casualty insurance consumers will receive more than $250 million in premium relief during the COVID-19 State of Emergency, according to a Maryland Insurance Administration (MIA) press release.
As of May 14, property and casualty insurance companies have submitted 102 filings to the MIA for various refunds, credits, payments and dividends since the emergency began. Governor Larry Hogan declared a State of Emergency in Maryland on March 5, 2020.
“We are pleased that insurers have responded to the administration’s request that they consider the impact of people remaining at home on claim exposures and that they adjust premiums appropriately,” said Maryland Insurance Commissioner Kathleen A. Birrane in the release. “Premium relief is a real benefit to Marylanders and the Administration will continue to monitor and work with insurers on premium adjustments.”
The MIA has encouraged all property and casualty insurers active in the state to consider making rate filings providing temporary relief to consumers during the emergency in a March 23 industry bulletin. At the same time, the MIA waived all filing fees for rate relief filings and instituted expedited review.
In addition, the MIA issued a March 30 bulletin encouraging insurers to temporarily waive the commercial use exclusion on private passenger automobile policies, allowing state residents who have lost employment because of the COVID-19 emergency to earn income as delivery drivers for food, medicine and other household essentials.
Source: The Maryland Insurance Administration
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