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§ 9-217. Loans and pledges of assets

West's Annotated Code of MarylandInsuranceEffective: April 10, 2012

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 9. Impaired Entities
Subtitle 2. Liquidation, Rehabilitation, Reorganization, and Conservation (Refs & Annos)
Effective: April 10, 2012
MD Code, Insurance, § 9-217
§ 9-217. Loans and pledges of assets
In general
(a) To facilitate the rehabilitation, liquidation, conservation, or dissolution of an insurer under this subtitle, the Commissioner, subject to the approval of the court, may:
(1) borrow money;
(2) execute, acknowledge, and deliver notes or other evidences of indebtedness for the loan;
(3) secure the repayment of the loan by the mortgage, pledge, assignment, or transfer in trust of all or part of the property of the insurer; and
(4) take any other action necessary and proper to consummate the loan and to provide for its repayment.
Commissioner not obligated to repay loans
(b) The Commissioner is not obligated personally or in an official capacity to repay a loan made under this section.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 2012, c. 66, § 1, eff. April 10, 2012.
Formerly Art. 48A, § 155.
MD Code, Insurance, § 9-217, MD INSURANCE § 9-217
Current through legislation effective through June 1, 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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