The Maryland Automobile Insurance Fund (MAIF) said its assets directly managed by two minority investment firms have grown from $7.3 million to $42 million in value in the fiscal year that ended June 30.

Property-casualty insurers say a new law increasing auto liability rates for Maryland drivers could drive away consumers, while agents’ groups say while that may occur, the changes also will better protect clients injured in an accident.

A bill prohibiting specific uses of funds from the Maryland Automobile Insurance Fund may not have been acted upon this year, but the anger by state legislators is likely to result in the matter being revisited in the next General Assembly session.

Maryland Gov. Martin O’Malley is now the deciding factor in whether the state raises its minimum liability limits on auto insurance by thousands of dollars.

Comparing Maryland’s auto insurer of last resort to big Wall Street banks who used federal bailout money for bonuses and other extravagances, a state Senate panel grilled the state agency over how it uses its funding provided by policyholders.

The executive director of the Maryland Automobile Insurance Fund said there is “a misunderstanding” among the sponsors of a state Senate bill that would restrict the use of funds by the state’s auto insurer of last resort.

Derrick L. Davis was elected as the first African American chairman of the Maryland Auto Insurance Fund’s board of trustees.

When Stephen Perry came to the District of Columbia Department of Insurance, Securities and Banking in 2000, its fraud division saw five referrals all year, and none reached a courtroom.

The current recession and the increased use of technology have resulted in the Maryland Insurance Administration receiving nearly double the referrals of fraudulent activity this year versus 2008.

Implementing eco-friendly programs and saving money are going hand-in-hand for some local insurance agencies and companies.

Diversified Insurance Industries (DII), an independent agency covering the entire mid-Atlantic, said its green initiatives …  Read →