MD| Bulletin 25-16 from the Maryland Insurance Administration addresses the impact of a partial federal government shutdown on policyholders, urging carriers in Maryland to make reasonable accommodations to prevent insurance coverage loss due to non-payment of premiums. It highlights the Administration’s appeal for insurers to support consumers through flexible payment practices, such as extending grace periods and waiving late fees, and introduces temporary accounting flexibility for Maryland-domiciled insurers.MD-25-16-Cancellation.pdf
- Carriers are encouraged to defer premium payments, extend grace periods, accept partial payments, and waive late fees for impacted policyholders.
- Maryland-domiciled insurers may request a permitted accounting practice to admit overdue premium receivables in line with extended grace periods for 2025.
- The bulletin applies to all personal and commercial lines of property, casualty, life, and health insurance in Maryland.