MD| The Maryland Insurance Administration has issued Bulletin No. 25-5 addressing the acceptance of credit cards for insurance premium payments and the collection of credit card fees. The bulletin clarifies the Administration’s position on credit card payments for insurance premiums, which is based on laws prohibiting unfair discrimination and ensuring that premiums charged are consistent with filed rates.
Key points:
- The requirement to accept credit card payments applies at the level of an insurance product, meaning if an entity offers credit card payments for a specific product, it must be available to all existing and prospective insureds for that product.
- Entities may choose to offer credit card payments for selected products and not others, as long as the option is consistently available for all insureds of a single product.
- The Administration will consider factors such as different policy forms, rate filings, and underwriting guidelines to determine if insurance products are separate.
