Md. Code Regs. 31.15.07.06

Current through Register Vol. 51, No. 21, October 18, 2024

Section 31.15.07.06 - Payment of Interest on Personal Injury Protection Benefits

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.

Md. Code Regs. 31.15.07.06