MD| Bulletin 25-13 , issued by the Maryland Insurance Administration, reminds Maryland property and casualty carriers offering automobile insurance of their responsibilities regarding the Maryland Insufficiency Assessment. Carriers were required to elect by June 30, 2025, whether to recoup their portion of the assessment from policyholders or waive this right. The document clarifies that recoupment does not require a premium increase notice, but the assessment amount must be shown as a line item on billing statements, with regulators requiring a sample of this statement if recoupment is pursued.
Key Points:
- Carriers had to decide by June 30, 2025, whether to recoup the assessment from commercial or private auto policyholders, or waive this right.
- Recoupments must appear as a separate line on billing statements, labeled “Recoupment of MAIF assessment,” without notifying policyholders of a premium increase.
- Carriers electing recoupment must submit a sample billing statement to regulators by September 30, 2025.