Members’ survey responses included in our premium funds advocacy
Thank you to everyone who participated in our recent survey sent to agency principals regarding a new regulation drafted by the Maryland Insurance Administration (MIA) which would prohibit the long-standing practice of commingling agency funds with premium funds. Commingling is defined as holding premium funds and agency operating funds in a common bank account, a practice which is currently subject to strict requirements, including carrier consent.
A significant percentage of you expressed concerns about this proposed regulatory change. Based on your feedback, we’ve submitted written comments to the MIA outlining our opposition, and we anticipate further outreach will be needed as the MIA considers our comments.