§ 8-446. Impairment of reserves
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 8-446
§ 8-446. Impairment of reserves
(a) Each society shall provide in its laws that:
(1) if the reserves of the society as to all or any class of certificates become impaired, the board of directors or equivalent body of the society may require that the owner of each certificate pay the amount of the owner's equitable proportion of the deficiency as determined by the board of directors or equivalent body and approved by the commissioner of the domiciliary state; and
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 183, § 1, eff. Jan. 1, 1998.
Formerly Art. 48A, § 323.
MD Code, Insurance, § 8-446, MD INSURANCE § 8-446
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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