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

HB 1189 requires property and casualty insurance companies in Maryland to redirect $5 million annually from their existing tax payments to the State Disaster Recovery Fund, starting July 1, 2026. This policy change applies directly to insurers who pay the tax and benefits the Disaster Recovery Fund, which supports disaster response and recovery efforts. The bill amends Maryland law to mandate this specific annual transfer without creating new taxes or altering existing insurance regulations. It takes effect on July 1, 2026, as specified in the legislation.