§ 9-310.1. Cessation of corporation's obligation to defend an insured
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 9-310.1
§ 9-310.1. Cessation of corporation's obligation to defend an insured
(a) Any obligation of the Corporation to defend an insured shall cease on payment by the Corporation, by settlement releasing the insured or on a judgment, of an amount equal to the lesser of the Corporation's covered claim obligation limit or the applicable policy limit.
(b)(1) In this subsection, “affiliate” means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person.
(3) If the Corporation determines that there may be more than one claimant with a covered claim or allowed claim against the Corporation or any insurance guaranty corporations or associations similar to the Corporation in other states or any property casualty insurance security funds in other states, arising under one or more policies of one insolvent insurer, the Corporation may establish a plan to allocate amounts payable by the Corporation in the manner that the Corporation in its discretion considers equitable.
Credits
Added by Acts 1997, c. 682, § 1, eff. Oct. 1, 1997.
MD Code, Insurance, § 9-310.1, MD INSURANCE § 9-310.1
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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