Property & Casualty Temporary Rate Relief Filings

BULLETIN NO. 20-12 DATE: March 23, 2020 TO: All Property & Casualty insurers, the Maryland Automobile Insurance Fund, the Chesapeake Employer Insurance Company and the Joint Insurance Association RE: Property & Casualty Temporary Rate Relief Filings On March 5, 2020, Governor Lawrence J. Hogan, Jr. declared a State of Emergency for the entire State as a result of the COVID-19 virus. As a result of this event, the daily lives of Maryland citizens have been disrupted in significant fashion. Business closures and social distancing restraints have resulted in economic hardship for many citizens of the State. Some of these hardships will actually result in less exposure to loss costs in certain property and casualty lines of business. For example, as citizens work from home with increased frequency and remain home rather than seeking goods, services and entertainment in the community, traffic on our roads is greatly reduced. This results in lower exposure to loss costs in the motor vehicle property and liability lines. Likewise, both commercial and personal liability exposures decrease with great reductions in customer traffic and social visitations. Accordingly, the Maryland Insurance Administration encourages all Property & Casualty insurers to consider making rate filings that provide temporary relief to insureds during this emergency. Filings may take the form of a premium discount for specific perils or coverages, or any other appropriate reduction in premium commensurate with reduced loss exposure. The Maryland Insurance Administration will waive filing fees for rate relief filings and provide expedited review. Please contact the Director of the Rates and Forms Unit, Ron Coleman (ronald.coleman@maryland.gov / 410.468.2310) or Associate Commissioner Robert Baron (robert.baron@maryland.gov / 410.468.2353) with any questions in this regard. AL REDMER, JR. Commissioner ROBERT BARON Associate Commissioner Property & Casualty LARRY HOGAN Governor BOYD K. RUTHERFORD Lt. Governor 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202 Direct Dial: 410-468-2353 Fax: 410-468-2245 Email: robert.baron@maryland.gov 410-468-2000 1-800-492-6116 TTY: 1-800-735-2258 www.insurance.maryland.gov ALFRED W. REDMER, JR. Commissioner Signature on original By: ______________________ Robert Baron Associate Commissioner, Property & Casualty Special Note: The Maryland Insurance Administration remains fully operational during the COVID- 19 emergency. If you would like to file an insurance complaint, please use our online portal: https://enterprise.insurance.maryland.gov/consumer/ConsumerPortalWelcomePage.aspx About the Maryland Insurance Administration The Maryland Insurance Administration is an independent State agency charged with regulating Maryland’s $28.5 billion insurance industry. For more information about the Insurance Administration, please visit www.insurance.maryland.gov or follow us on Facebook at www.facebook.com/MDInsuranceAdmin, Twitter at @MD_Insurance, LinkedIn at www.linkedin.com/company/maryland-insurance-administration or Instagram at @marylandinsuranceadmin. ###