Md. Code, Ins. § 24-308

(a) Subject to subsection (b) of this section, the Board may declare a policyholder dividend in the form of a cash refund or credit to: (1) a policyholder based on the actual loss ratio that is better than the loss ratio used to calculate the policyholder’s premium; or (2) all policyholders whose loss ratio contributed to the Company’s surplus for that year. (b) (1) The Board may not issue a policyholder dividend under subsection (a)(2) of this section unless the Commissioner has approved the policyholder dividend. (2) In determining whether to approve the policyholder dividend under paragraph (1) of this subsection, the Commissioner shall consider: (i) the Company’s surplus; (ii) material changes in premium rates, claims, market share, or types of insured risks; (iii) the methodology the Board used to determine that policyholders are eligible for the policyholder dividend; and (iv) any other factor the Commissioner considers relevant.