Maryland Automobile Insurance Fund, 1750 Forest Drive, Annapolis, Maryland, February 2001. Photo by Diane F. Evartt.
To register a motor vehicle in Maryland, every owner must maintain basic primary coverage of $20,000/ $40,000 bodily injury, $15,000 property damage, and $2,500 economic loss coverage. Such compulsory insurance reduces substantially the number of uninsured claims. Nonetheless, uninsured claims continue due to hit-and-run accidents, out-of-state uninsured drivers, and Marylanders who do not comply with the law.
The Fund receives no General Funds from the State, nor are its assets part of the State Treasury. Current Fund assets derive from insurance premiums; earnings from investments; assessments (when required) levied against all automobile insurers; and funds recovered from uninsured motorists by the Uninsured Unit. The Fund also receives a portion of the penalties imposed by the Motor Vehicle Administration against uninsured motorists (Code Transportation Article, secs. 17-101 through 17-110; Insurance Article, secs. 20-101 through 20-701).
The Committee consists of the Executive Director and two members of the Board of Trustees chosen by the Board. July 1, 2009
BOARD OF TRUSTEES
A thirteen-member Board of Trustees governs the Fund. Seven members are appointed by the Governor with Senate advice and serve at the pleasure of the Governor. Five are chosen for four-year terms by the Board of Directors of the Industry Automobile Insurance Association. One serves ex officio (Code Insurance Article, sec. 20-202).
FINANCIAL MANAGEMENT COMMITTEE
The Financial Management Committee manages and invests all monies collected by or for the Maryland Automobile Insurance Fund (Code Insurance Article, sec. 20-303).
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The Committee consists of the Executive Director and two members of the Board of Trustees chosen by the Board.
July 1, 2009