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§ 5-906. Reinsurers eligible for accreditation

West's Annotated Code of MarylandInsuranceEffective: June 1, 2013

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 5. Assets, Liabilities, Reserves, and Investments of Insurers
Subtitle 9. Reinsurance (Refs & Annos)
Effective: June 1, 2013
MD Code, Insurance, § 5-906
§ 5-906. Reinsurers eligible for accreditation
Currentness
In general
(a) In order for an assuming reinsurer to be eligible for accreditation by the Commissioner, the reinsurer shall:
(1) file with the Commissioner evidence of its submission to this State's jurisdiction;
(2) submit to the Commissioner's authority to examine its books and records;
(3) be licensed to transact insurance or reinsurance in at least one state or, in the case of a United States branch of an alien assuming insurer, be entered through and licensed to transact insurance or reinsurance in at least one state;
(4) file each year with the Commissioner a copy of its annual statement filed with the insurance department of its state of domicile and a copy of its most recent audited financial statement; and
(5) demonstrate to the satisfaction of the Commissioner that the reinsurer has adequate financial capacity to meet its reinsurance obligations and is otherwise qualified to assume reinsurance from domestic insurers.
Adequate financial capacity to meet reinsurance obligations
(b) An assuming insurer is deemed to meet the requirement of subsection (a)(5) of this section as of the time of its application if:
(1) the assuming insurer maintains a surplus as regards policyholders in an amount not less than $20,000,000; and
(2) the Commissioner has not denied the assuming insurer's accreditation within 90 days after submission of its application.

Credits

Added by Acts 2013, c. 321, § 1, eff. June 1, 2013.
MD Code, Insurance, § 5-906, MD INSURANCE § 5-906
Current with legislation effective through July 1, 2023, from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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