Maryland Automobile Insurance Fund (MAIF) Law and Legal Definition
Maryland Automobile Insurance Fund (MAIF) is an organization created by the Maryland State Legislature in 1972 to provide automobile insurance to those residents of Maryland who are unable to obtain such insurance from private insurance companies.
MAIF is an independent agency of the State of Maryland. It reports directly to the Governor and is responsible to the Maryland State Legislature. Rules governing MAIF are set out in Title 20 of the Insurance Article of the Annotated Code of Maryland. .
MAIF is advised by a Board of Trustees, seven of whom are appointed by the Governor and five chosen by members of the insurance industry.
To be eligible for insurance from MAIF, a driver must have been rejected by at least two private insurers or have had automobile insurance cancelled or not renewed for any reason other than nonpayment of premiums.
MAIF also give compensation to those who are involved in Maryland accidents with uninsured motorists or in hit-and-run incidents where no responsible party can be found.
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