Maryland § 24-308
Full text of Maryland Maryland Code § 24-308, with citation guidance and answers to common questions.
§ 24-308.
(a) Subject to subsection (b) of this section, the Board may declare a policyholder dividend in the form of a cash refund or credit to:
(1) a policyholder based on the actual loss ratio that is better than the loss ratio used to calculate the policyholder’s premium; or
(2) all policyholders whose loss ratio contributed to the Company’s surplus for that year.
(b) (1) The Board may not issue a policyholder dividend under subsection (a)(2) of this section unless the Commissioner has approved the policyholder dividend.
(2) In determining whether to approve the policyholder dividend under paragraph (1) of this subsection, the Commissioner shall consider:
(i) the Company’s surplus;
(ii) material changes in premium rates, claims, market share, or types of insured risks;
(iii) the methodology the Board used to determine that policyholders are eligible for the policyholder dividend; and
(iv) any other factor the Commissioner considers relevant.
Frequently Asked Questions About Maryland § 24-308
What does Maryland Code § 24-308 cover?
Section 24-308 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 § 24-308?
A common citation format is "Maryland Code § 24-308" (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 § 24-308 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.