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§ 24-205. Administration of Society by licensed insurer

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 24. State Created Mutual Societies and Other Entities (Refs & Annos)
Subtitle 2. Medical Mutual Liability Insurance Society of Maryland (Refs & Annos)
MD Code, Insurance, § 24-205
§ 24-205. Administration of Society by licensed insurer
In general
(a)(1) If the Board of Directors determines that the affairs of the Society may be administered suitably and efficiently, the Society may enter into a contract with a licensed insurer or licensed nonprofit health service plan to administer the affairs of the Society, subject to the continuing direction of the Board of Directors specified in the articles of incorporation and bylaws of the Society and the contract.
(2) A contract may not exceed 5 years.
True copy of contract filed with Commissioner
(b)(1) On execution of the contract, the Society promptly shall file a true copy of the contract with the Commissioner.
(2) The contract is effective 30 days after the date of filing unless, before the effective date, the Commissioner disapproves the contract as contrary to law or public policy or as unduly onerous and states the reasons for the disapproval.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 556.
MD Code, Insurance, § 24-205, MD INSURANCE § 24-205
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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