Property and Casualty Insurance - Parametric Insurance - Regulation

Summary

The bill sets consumer‑protection rules for parametric insurance sold or issued in Maryland, requiring insurers to provide clear written summaries, annual fact sheets and detailed explanations of trigger events. It also creates a pilot program that the Insurance Commissioner can run to expand such products for vulnerable households. The goal is to improve transparency, ensure actuarial soundness, and help communities recover quickly after natural disasters.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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