Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 15 - UNFAIR TRADE PRACTICES
Chapter 31.15.07 - Payment of Claims Under Property and Casualty and Title Insurance Policies
Section 31.15.07.06 - Payment of Interest on Personal Injury Protection Benefits
Universal Citation: MD Code Reg 31.15.07.06
Current through Register Vol. 51, No. 19, September 20, 2024
Whenever a claim for benefits under Insurance Article, § 19-505, Annotated Code of Maryland, is paid more than 30 days after receipt of a properly completed claim form or other proof of loss and satisfactory proof verifying the claim, the insurer shall:
A. Make a notation in the insurer's claim file stating the reason for the delay; and
B. Add to the amount otherwise payable 1-1/2 percent simple interest per month for those days in excess of the 30 days.
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