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§ 26-202. Capital stock and surplus requirements

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 26. Motor Clubs
Subtitle 2. Licenses (Refs & Annos)
MD Code, Insurance, § 26-202
§ 26-202. Capital stock and surplus requirements
Currentness
In general
(a) To qualify for a license to engage in the business of a motor club, a motor club with capital stock must have and maintain:
(1) paid-in capital stock with a fixed nominal or par value in an amount not less than $5,000; and
(2) surplus in an amount not less than $10,000.
Motor clubs formed without paid-in capital stock requirement
(b) A motor club formed under the laws of the State without paid-in capital stock shall have and maintain unencumbered assets, in addition to required reserves and other liabilities, in an amount equal to that required under subsection (a) of this section.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48B, § 3A.
MD Code, Insurance, § 26-202, MD INSURANCE § 26-202
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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