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MD SB637

Bill

Official Source

Status

Engrossed

3/12/2026

Primary Sponsor

Carl Jackson

Click for details

Origin

Senate

2026 Regular Session

AI Summary

  • Removes the 10% minimum commission requirement for fund producers on private passenger auto insurance policies issued by the Maryland Automobile Insurance Fund, while retaining the 15% maximum cap
  • Lowers the minimum commission floor from 10% to 5% of total premium for private passenger auto policies, giving the Fund more flexibility in setting commission rates
  • Prohibits the Fund from paying commissions on policies written directly by the Fund without involvement of a fund producer
  • Maintains the existing 10% maximum commission rate for all other types of insurance issued by the Fund
  • Takes effect October 1, 2026

Legislative Description

Maryland Automobile Insurance Fund - Fund Producer Commission Rate

Motor Vehicle Insurance

Last Action

Referred Judiciary

3/13/2026

Committee Referrals

Judiciary3/13/2026
Finance2/5/2026

Full Bill Text

No bill text available