Premium Finance Agreements

MARTIN O'MALLEY Governor ANTHONY G. BROWN Lt. Governor MARYLAND INSURANCE ADMINISTRATION RALPH S. TYLER Commissioner BETH SAMMIS Deputy Commissioner 525 St. Paul Place, Baltimore, Maryland 21202-2272 1-800-492-6116 TTY: 1-800-735-2258 www.mdinsurance.state.md.us # BULLETIN 09-02 To: All Premium Finance Companies and All Interested Parties Re: Premium Finance Agreements Date: February 3, 2009 Bulletin 08-26 is withdrawn and replaced with this Bulletin The purpose of this bulletin is to notify Premium Finance Companies ("PFCs") that, following a contested case hearing, an Order was issued on January 22, 2009, against nine (9) premium finance companies. That Order can be found on our website and by using the following link: http://www.mdinsurance.state.md.us/sa/documents/Final-MIA-2008-10-003-011-PFCDecision01-09.pdf The Order explains the requirements to comply with the calculation of finance charges under Title 23, subtitle 3. All PFCs are urged to read the Order and to abide by Title 23. Petitions for Judicial Review were filed in the Circuit Court for Baltimore City; however, a stay of the Order was denied. Should you have any questions concerning this Bulletin, please contact Dave Diehl, Chief Administrator, Property & Casualty Rates & Forms by email at ddiehl@mdinsurance.state.md.us or by telephone at 410-468-2320. Ralph S. Tyler, Insurance Commissioner By: P. Randi Johnson P. Randi Johnson, Associate Commissioner Property & Casualty