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§ 25-104. Insurance insolvency guaranty funds

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 25. Alternative Market Mechanisms
Subtitle 1. Maryland Risk Retention Act (Refs & Annos)
MD Code, Insurance, § 25-104
§ 25-104. Insurance insolvency guaranty funds
Currentness
Membership or contributions to fund prohibited
(a)(1) A risk retention group may not join or contribute financially to an insurance insolvency guaranty fund or similar mechanism in the State.
(2) A risk retention group and its insureds may not receive a benefit from an insurance insolvency guaranty fund or similar mechanism for claims arising out of the operations of the risk retention group.
Coverage of risks
(b)(1) When a purchasing group obtains insurance that covers the risks of its members from an unauthorized insurer or from a risk retention group, the risks, whether resident or located, may not be covered by an insurance insolvency guaranty fund or similar mechanism in the State.
(2) When a purchasing group obtains insurance that covers the risks of its members from an authorized insurer, only risks resident or located in the State shall be covered by the Property and Casualty Insurance Guaranty Corporation under Title 9, Subtitle 3 of this article.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 620.
MD Code, Insurance, § 25-104, MD INSURANCE § 25-104
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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