MD SB469

Authorizes the Executive Director of the Maryland Automobile Insurance Fund to establish an affordability program that caps premium rates for private passenger auto insurance, subject to Commissioner approval

Limits eligibility for the affordability program to individuals with household income at or below 250% of the federal poverty level who meet standard Fund policyholder requirements

Reduces the assessment allocation percentage cap for the private passenger auto division from 3% to 1% of net direct written premiums

Restricts the affordability program so that overall premium inadequacy cannot exceed 20% of the Fund's net written premium

Takes effect July 1, 2027, and automatically sunsets on June 30, 2029, without further legislative action