Maryland Automobile Insurance Fund - Premium Discounts - Methodology

SB 697 requires the Maryland Automobile Insurance Fund (MAIF) to base any premium discounts it offers to drivers on the driver's income level and to ensure those discounts are supported by actuarial analysis (meaning they must align with statistical risk assessment). This change directly affects MAIF and drivers who receive discounts, as it mandates income-based calculations instead of other methods. The bill also requires MAIF to provide evidence that discount structures are actuarially sound. The new rules will take effect on October 1, 2025.