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

SB 690 requires Maryland property and casualty insurance companies to contribute $5 million annually, starting July 1, 2026, from their premium tax revenue to the State Disaster Recovery Fund. This fund, established under Maryland law, supports disaster recovery efforts across the state. The bill amends Maryland's insurance code to mandate this specific annual distribution, directly affecting insurers by altering how a portion of their tax payments is allocated. It creates a concrete, automatic transfer of funds without new tax rates or eligibility requirements.