About Maryland Insurance Laws, Health Insurance and Regulations…
The Maryland insurance industry is home to a wide range of companies that offer diverse service to the numerous businesses in the state as well as its many residents. As in other states, Maryland regulates this industry through its Insurance Administration. The Maryland Insurance Administration is responsible for ensuring that consumers and businesses, including insurance companies, are protected from malicious practices and exploitation. The agency also upholds the regulations established by the federal government and penalizes insurance companies for not complying with these regulations.
Auto insurance is mandatory in Maryland, as it is in other states throughout the country. The Maryland Insurance Administration has determined that drivers may carry a minimum level of auto insurance coverage in order to be considered insured. This coverage must account for: $20,000 for bodily injury per person; $40,000 for bodily injury for two people or more; and $15,000 for property damage. Drivers must also carry uninsured motorist coverage that must meet the same minimum requirements established by the state. Drivers are required to carry $2,500 of personal injury protection (PIP) coverage.
As in other states, Maryland homeowners are not required to purchase insurance protection for their properties. The Maryland Insurance Administration does encourage homeowners to purchase appropriate protection in order to safeguard from losses associated with natural disasters. The Maryland Insurance Administration does regulate the property insurance industry to ensure that rates remain fair for property owners and businesses. Though the state itself does not require homeowners to maintain any kind of property insurance, they may be required to do so per the financial agreement they have with a bank, as is often the case with a mortgage.
Maryland is home to some 5.5 million people. The state has a nearly 13% uninsured rate in terms of health insurance coverage.
A common complaint among consumers in Maryland is that health insurance coverage is simply too expensive. This problem may be remedied through the establishment of a health insurance exchange program, which the state is required to host per the Affordable Care Act.
In 2011, the state determined that it would build its own health insurance exchange.
In 2012, numerous laws were passed that helped this exchange take form. The exchange, which is called the Maryland Health Connection, is meant to provide state residents with access to affordable health insurance coverage as well as comprehensive benefits. The exchange will offer policies provided by several of the health insurance companies that operate within the Maryland insurance industry. Maryland will be responsible for governing the exchange program and ensuring that it complies with both state and federal regulations.
Maryland Insurance Resources:
Maryland Insurance Commissioner: Therese M. Goldsmith
Maryland Department of Insurance Website:http://www.mdinsurance.state.md.us/sa/jsp/Mia.jsp
Maryland Insurance Licensing Info: http://www.mdinsurance.state.md.us/sa/producer/index.html
File Insurance Complaint: http://www.mdinsurance.state.md.us/sa/consumer/file-a-complaint.html