Lawmakers are hoping to change the way Maryland’s automobile insurer of last resort collects payments. They’re hoping the subject, which has bounced around the General Assembly for almost 15 years, will gain some traction given the tight economy and the general focus on consumer protection this year.
Bills in both chambers would allow the Maryland Automobile Insurance Fund to accept its premiums in installments. MAIF can only take lump sums now, which requires many customers to find independent (sometimes costly) financing arrangements. Advocates say the bill will save customers money, but the companies that finance premiums have opposed the bill for years.
Why do you think lawmakers have had so much trouble with this? Is this a case of “if it ain’t broke, don’t fix it?”
