2010 Maryland Code
INSURANCE
TITLE 11 - INSURANCE RATING LAW
Subtitle 4 - Title Insurance Rating
Section 11-402 - Rate making principles generally.

§ 11-402. Rate making principles generally.
 

(a)  In general.- All title insurance rates shall be made in accordance with this section. 

(b)  Reasonable and adequate rates.- Rates shall be reasonable and adequate for the class of risks to which they apply. 

(c)  Unfairly discriminatory rates.- Rates may not discriminate unfairly between risks that involve essentially the same hazards and expense elements. 

(d)  Factors to be considered.- Due consideration shall be given to: 

(1) past and prospective loss experience within and outside the State; 

(2) a reasonable margin for profit and contingencies; 

(3) the cost of participating insurance; 

(4) the percentage to be allocated to reserve; 

(5) operating expenses; and 

(6) all other relevant factors fairly attributable to the business of title insurance. 

(e)  Classifications of guarantees.-  

(1) Guarantees may be grouped by classifications for the establishment of rates and minimum premiums. 

(2) A special or unusual guarantee that is more hazardous to the title insurer than ordinary title guarantees because of an alleged irregularity or a difference in interpretation or application of law that might affect marketability of title, may be classified individually and separately according to the circumstances peculiar to each case. 
 

[An. Code 1957, art. 48A, § 242A; 1997, ch. 35, § 2.]