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§ 4-211.1. Nonadmitted insurance placement and regulations

West's Annotated Code of MarylandInsuranceEffective: July 1, 2011

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 4. General Requirements for Insurers
Subtitle 2. Unauthorized Insurers (Refs & Annos)
Effective: July 1, 2011
MD Code, Insurance, § 4-211.1
§ 4-211.1. Nonadmitted insurance placement and regulations
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Act” has the meaning stated in § 3-301 of this article.
(3) “Home state” has the meaning stated in § 3-301 of this article.
(4) “Nonadmitted insurance” has the meaning stated in § 3-301 of this article.
Policies effective on or after July 21, 2011
(b) For policies effective on or after July 21, 2011, the placement of nonadmitted insurance is subject to the statutory and regulatory requirements solely of the insured's home state.
Premiums charged for unauthorized insurance subject to premium receipts tax
(c) The premiums charged for unauthorized insurance are subject to a premium receipts tax in the State on all gross premiums, less any returned premiums, charged for nonadmitted insurance as specified in §§ 4-209 and 4-211 of this subtitle.
Policies effective before July 21, 2011
(d) For policies effective before July 21, 2011:
(1) if the policy covers property, risks, or exposures located or to be performed entirely in the State, the premium receipts tax shall be computed on the entire premium at the rate specified in subsection (c) of this section; and
(2) if the policy covers property, risks, or exposures located or to be performed both in and outside the State, the premium receipts tax shall be computed at the rate specified in subsection (c) of this section only on that portion of the premium that is properly allocable to the risks located in the State.
Computation of premium receipts tax if State is insured’s home state
(e) For policies effective on or after July 21, 2011, if the State is the insured's home state, the premium receipts tax shall be computed on the entire premium at the rate specified in subsection (c) of this section.
Home state receipt of premium receipts tax payments and reports
(f) For policies effective on or after July 21, 2011, only the home state of an insured may receive premium receipts tax payments and reports for nonadmitted insurance.
Regulation of nonadmitted insurance subject to requirements of home state
(g) For policies effective on or after July 21, 2011, the regulation of nonadmitted insurance is subject to the statutory and regulatory requirements solely of the home state of the insured.
Uniform requirements for nonadmitted insurance
(h) The Commissioner shall cooperate with other states to adopt and implement uniform requirements for nonadmitted insurance in compliance with the Act.

Credits

Added by Acts 2011, c. 520, § 1, eff. July 1, 2011; Acts 2011, c. 521, § 1, eff. July 1, 2011.
MD Code, Insurance, § 4-211.1, MD INSURANCE § 4-211.1
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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