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§ 9-223. Restrictions pending repayment to guaranty associations

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 9. Impaired Entities
Subtitle 2. Liquidation, Rehabilitation, Reorganization, and Conservation (Refs & Annos)
MD Code, Insurance, § 9-223
§ 9-223. Restrictions pending repayment to guaranty associations
Unless an insurer has repaid to all guaranty associations all payments of or on account of the contractual obligations of the insurer, including all expenses of and interest on the obligations, or unless a guaranty association has approved a plan of repayment by the insurer, an insurer subject to a delinquency proceeding may not:
(1) be released from the delinquency proceeding unless it is converted into a judicial proceeding to rehabilitate or liquidate;
(2) be allowed to solicit or accept new business;
(3) be allowed to request or accept the restoration of a suspended or revoked license or certificate of authority; or
(4) be returned, or have any of its assets returned, to the control of its stockholders or private management.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 135B.
MD Code, Insurance, § 9-223, MD INSURANCE § 9-223
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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