Maryland legislation · 2026 Regular Session
Maryland SB95: Property and Casualty Insurance - Parametric Insurance - Regulation
Status: In committee, January 21, 2026
Establishing requirements and prohibitions for parametric insurance policies that are issued to a resident of the State or are sold, solicited, negotiated, or offered in the State; and authorizing the Maryland Insurance Commissioner to establish a pilot program to provide insurers participating in the pilot program additional opportunities to provide parametric insurance products, serve a public need, protect vulnerable populations, and advance policy goals in the State.
What the bill says
A bill ENTITLED AN ACT concerning Property and Casualty Insurance - Parametric Insurance - Regulation FOR the purpose of establishing requirements and prohibitions for parametric insurance policies that are issued to a resident of the State or are sold, solicited, negotiated, or offered in the State; authorizing the Maryland Insurance Commissioner to establish a certain pilot program regarding parametric insurance; and generally relating to parametric insurance…
From the introduced text, January 10, 2026:
A BILL ENTITLED AN ACT concerning Property and Casualty Insurance - Parametric Insurance - Regulation FOR the purpose of establishing requirements and prohibitions for parametric insurance policies that are issued to a resident of the State or are sold, solicited, negotiated, or offered in the State; authorizing the Maryland Insurance Commissioner to establish a certain pilot program regarding parametric insurance; and generally relating to parametric insurance. BY repealing and reenacting, without amendments, Article - Insurance Section 1-301 Annotated Code of Maryland (2017 Replacement Volume and 2025 Supplement) BY adding to Article - Insurance Section 19-1201 through 19-1212 to be under the new subtitle "Subtitle 12. Parametric Insurance" Annotated Code of Maryland (2017 Replacement Volume and 2025 Supplement) Preamble WHEREAS, The General Assembly finds that climate-related catastrophic events require rapid financial response mechanisms to support community resilience; and WHEREAS, The General Assembly finds that parametric insurance products that provide predetermined payments when specified measurable triggers are reached may improve outcomes; and EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW. [Brackets] indicate matter deleted from exist in g l aw . *sb0095* SENATE BILL WHEREAS, The General Assembly finds that the State should allow the development of parametric insurance products with strong consumer protections, transparency, actuarial soundness, and oversight by the Maryland Insurance Administration; now, therefore, SECTION 1. BE IT ENACTED BY …
Sponsors
- Arthur Ellis (D, 28) · primary sponsor
Latest actions
- : Hearing 2/04 at 1:00 p.m.
- : First Reading Finance
- : Pre-filed
Common questions
- What is SB95?
- SB95 is a bill in the Maryland Legislature (2026 Regular Session): Property and Casualty Insurance - Parametric Insurance - Regulation.
- What does SB95 do?
- In its own words: A bill ENTITLED AN ACT concerning Property and Casualty Insurance - Parametric Insurance - Regulation FOR the purpose of establishing requirements and prohibitions for parametric insurance policies that are issued to a resident of the State or are sold, solicited, negotiated, or offered in the State; authorizing the Maryland Insurance Commissioner to establish a certain pilot program regarding parametric insurance; and generally relating to parametric insurance…
- What is the status of SB95?
- In committee as of January 21, 2026. Latest action: Hearing 2/04 at 1:00 p.m. (January 21, 2026).
- Who sponsored SB95?
- Arthur Ellis (D, 28).
- Where is the official record for SB95?
- On the Maryland Legislature website: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0095?ys=2026RS
Source: official Maryland record. Tracked by Delilah, AI for legislation across all 50 states and Congress.