MD HB1098

Maryland Automobile Insurance Fund (MAIF) must calculate and report its risk-based capital (RBC) level and maintain total adjusted capital at or above company action level RBC beginning December 31, 2026

Prior approval rate-making provisions apply to MAIF premium determinations between July 1, 2025 and December 31, 2025, and continue after January 1, 2026 if the Fund's capital falls below required levels

Maryland Insurance Administration must establish a workgroup to study private passenger automobile insurance affordability, including factors driving premium increases, policy options for transparency, and potential options to address excess insurer profits

Workgroup membership includes legislators from Senate Finance and House Economic Matters committees, the Insurance Commissioner, MAIF Executive Director, and representatives from insurers, consumer advocates, and insurance producers

Workgroup must report findings and recommendations to the Governor and General Assembly by January 1, 2026; the workgroup provision sunsets on June 30, 2026