Regulation .06 Payment of Interest on Personal Injury Protection Benefits.
Regulation .06 Payment of Interest on Personal Injury Protection Benefits.LinkCopy Citation
Whenever a claim for benefits under Insurance Article, §19-505, Annotated Code of Maryland, is paid more than 30 days after receipt of a properly completed claim form or other proof of loss and satisfactory proof verifying the claim, the insurer shall:
A.
Make a notation in the insurer's claim file stating the reason for the delay; and
B.
Add to the amount otherwise payable 1-1/2 percent simple interest per month for those days in excess of the 30 days.