SB0690 • 2026

Property and Casualty Insurance - Distribution of Premium Tax Proceeds to State Disaster Recovery Fund

Taxes

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Senator McKay
Last action: 2026-02-13
Official status: In the Senate - Hearing 3/04 at 1:00 p.m.
Effective date: 2026-07-01

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Property and Casualty Insurance - Distribution of Premium Tax Proceeds to State Disaster Recovery Fund

Requiring that $5,000,000 of property and casualty insurance premium tax proceeds be distributed, beginning July 1, 2026, annually to the State Disaster Recovery Fund.

What This Bill Does

Requiring that $5,000,000 of property and casualty insurance premium tax proceeds be distributed, beginning July 1, 2026, annually to the State Disaster Recovery Fund.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-02-13 Senate
Hearing 3/04 at 1:00 p.m.
2026-02-06 Senate
First Reading Budget and Taxation
Maryland General Assembly
Text - First - Property and Casualty Insurance - Distribution of Premium Tax Proceeds to State Disaster Recovery Fund

Official Summary Text

Requiring that $5,000,000 of property and casualty insurance premium tax proceeds be distributed, beginning July 1, 2026, annually to the State Disaster Recovery Fund.

Current Bill Text

Read the full stored bill text

EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
*sb0690*

SENATE BILL 690
C4 6lr2860
CF 6lr2868
By: Senator McKay
Introduced and read first time: February 6, 2026
Assigned to: Budget and Taxation

A BILL ENTITLED

AN ACT concerning 1

Property and Casualty Insurance – Distribution of Premium Tax Proceeds to 2
State Disaster Recovery Fund 3

FOR the purpose of requiring that a certain amount of proceeds from a certain tax imposed 4
on property and casualty insure rs be distributed, beginning on a certain date, 5
annually to the State Disaster Recovery Fund; and generally relating to the 6
distribution of taxes imposed on property and casualty insurers to the State Disaster 7
Recovery Fund. 8

BY adding to 9
Article – Insurance 10
Section 6–103.3 11
Annotated Code of Maryland 12
(2017 Replacement Volume and 2025 Supplement) 13

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 14
That the Laws of Maryland read as follows: 15

Article – Insurance 16

6–103.3. 17

NOTWITHSTANDING § 2–114 OF THIS ARTICLE , BEGINNING JULY 1, 2026, 18
FROM THE TAX IMPOSED ON PROPERTY AND CASU ALTY INSURERS UNDER THIS 19
SUBTITLE, $5,000,000 SHALL BE DISTRIBUTED ANNUALLY TO THE STATE DISASTER 20
RECOVERY FUND ESTABLISHED UNDE R § 14–110.5 OF THE PUBLIC SAFETY 21
ARTICLE. 22

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 23
1, 2026. 24