§ 5-206. Statutory or unearned premium reserves for title insurers
West's Annotated Code of MarylandInsuranceEffective: June 1, 2014
Effective: June 1, 2014
MD Code, Insurance, § 5-206
§ 5-206. Statutory or unearned premium reserves for title insurers
(a)(1) In this section, “risk premiums” means the amount charged for the assumption of risk.
(b) In addition to adequate reserves required by § 5-103 of this title for outstanding losses, a title insurer domiciled in the State shall maintain a statutory reserve or unearned premium reserve of at least an amount computed as follows:
(c)(1) Each title insurer shall file with its annual statement required under § 4-116 of this article a certification by a member in good standing of the Casualty Actuarial Society, or a member in good standing of the American Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries, as to the adequacy of its reserves required under this section and § 5-103 of this title.
(d)(1) Unearned premium reserves may not be released under subsection (a) of this section to the extent that the release would result in the aggregate reserve falling below the amount required under this section and § 5-103 of this title.
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 274, § 1, eff. Oct. 1, 1997; Acts 2001, c. 332, § 1, eff. Oct. 1, 2001; Acts 2010, c. 634, § 1, eff. July 1, 2010; Acts 2014, c. 350, § 1, eff. June 1, 2014; Acts 2014, c. 351, § 1, eff. June 1, 2014.
MD Code, Insurance, § 5-206, MD INSURANCE § 5-206
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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