Bill alters maximum civil penalty to which unauthorized insurer or person that violates provisions of State insurance law is subject to from $50,000 to $125,000.
Alters maximum civil penalty that MD INS commissioner may impose on holder of an insurance producer license or a public adjuster licensee from $500 to $5,000.
Legislative History
On Jan. 10, 2024, bill introduced in House; on Feb. 15, 2024, bill passed in House.
On Feb. 16, 2024, bill introduced in Senate; on Mar. 27, 2024, bill passed in Senate.
On Mar. 28, 2024, House concurred to Senate amendments and passed bill.
Effectiveness
Pending approval by governor, Act will be effective on Oct. 1, 2024.
Apr. 2024 MD LEG Governor Approval
On Apr. 9, 2024, MD LEG reported bill was approved by governor, Chapter 119, 120.
