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§ 24-210. Subsidiaries

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, § 24-210
§ 24-210. Subsidiaries
Currentness
In general
(a) Notwithstanding any other provision of this subtitle, the Society may establish, own, or control a subsidiary for any business purpose.
Subsidiary of Society not subject to subtitle
(b) A subsidiary that is established, owned, or controlled by the Society is not subject to this subtitle.
Subsidiary of Society not department, unit, agency, or instrumentality of State
(c)(1) A subsidiary of the Society is not and may not be deemed a department, unit, agency, or instrumentality of the State for any purpose.
(2) The State may not be held in any way liable or responsible for any of the debts, claims, obligations, or liabilities of a subsidiary of the Society or the Society.
Restrictions relating to stock ownership in subsidiaries
(d) Without the prior approval of the Board of Directors, including at least 80% of the physician members of the Board of Directors, the Society may not directly or indirectly capitalize, transfer moneys to, or purchase stock in an insurance subsidiary beyond the $3,250,000 used by the Society before December 31, 1989, to capitalize the insurance subsidiaries.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 555.
MD Code, Insurance, § 24-210, MD INSURANCE § 24-210
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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