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§ 20-506. Reserves for payment of claims

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 20. Maryland Automobile Insurance Fund (Refs & Annos)
Subtitle 5. Policies for Covered Vehicles (Refs & Annos)
MD Code, Insurance, § 20-506
§ 20-506. Reserves for payment of claims
Currentness
Duty of Executive Director to reserve funds
(a) The Executive Director shall:
(1) establish and maintain reasonable and adequate reserves for payment of claims against the Fund; and
(2) use the same criteria as is required for use by an Association member in determining the amount of reserves that are necessary.
Annual review by Board of Trustees
(b) At least annually, the Board of Trustees shall review the reasonableness and adequacy of reserves.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 243F.
MD Code, Insurance, § 20-506, MD INSURANCE § 20-506
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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