On Aug. 7, MD INS issued bulletin re increased penalties for violations.
MD INS issued Bulletin 24-20 to all insurance producers and adjusters regarding the increase in maximum civil penalties for violations of certain insurance laws.
Penalties increased per MD LEG 2024 Laws Ch. 119 and 120 (HB67, SB229), #206650.
Maximum Civil Penalty
Maximum civil penalty the Administration may impose upon an unauthorized insurer or person for each violation of MD INS 4-212 will increase from $50,000 to $125,000.
The maximum monetary penalty imposed upon a licensed insurance producer for each violation of Insurance Article MD INS 10-126(c) will increase from $500 to $5,000
Maximum monetary penalty that the Administration may impose upon a licensed public adjuster for each violation under MD INS 10-410(c) will increase from $500 to $5,000.
Effectiveness
Maximum civil penalties are effective Oct. 1, 2024.
