Maryland § 2-503
Full text of Maryland Maryland Code § 2-503, with citation guidance and answers to common questions.
§ 2-503.
(a) The Commissioner shall collect the annual assessment fee from each insurer as calculated in § 2-502 of this subtitle.
(b) The assessment fee collected under this section is:
(1) in addition to any penalties or premium tax imposed under this article; and
(2) due and payable to the Commissioner on or before a date determined by the Commissioner each year.
(c) (1) Failure by an insurer to pay the assessment fee on or before the due date shall subject the insurer to the provisions of §§ 4-113 and 4-114 of this article.
(2) In addition to paragraph (1) of this subsection, an assessment fee not paid on or before the due date may be subject to a penalty of 5% and interest at the rate determined under § 13-701(b)(1) of the Tax - General Article from the due date until payment is made to the Commissioner.
(3) If an additional amount is found to be due after the assessment fee has been paid to the Commissioner, the additional amount is subject to interest at 6% from the due date until payment is made to the Commissioner.
(d) The total amount of the assessment fee collected by the Commissioner shall be deposited in the Fund.
(e) This section does not affect any requirement otherwise established by law for the payment of premium taxes by an insurer.
Frequently Asked Questions About Maryland § 2-503
What does Maryland Code § 2-503 cover?
Section 2-503 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 2-503?
A common citation format is "Maryland Code § 2-503" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 2-503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.