§ 5-917. Credit allowed when reinsurance ceded to assuming insurer from reciprocal jurisdiction
West's Annotated Code of MarylandInsuranceEffective: October 1, 2023
Effective: October 1, 2023
MD Code, Insurance, § 5-917
§ 5-917. Credit allowed when reinsurance ceded to assuming insurer from reciprocal jurisdiction
(a) Credit shall be allowed when reinsurance is ceded to an assuming insurer that:
(b)(1) The Commissioner shall timely create and publish a list of reciprocal jurisdictions.
(ii) 1. Except as provided in subsubparagraph 2 of this subparagraph, the Commissioner may remove a jurisdiction from the list of reciprocal jurisdictions on a determination that the jurisdiction no longer meets the requirements of a reciprocal jurisdiction in accordance with a process set forth in regulations the Commissioner adopts.
(c)(1) The Commissioner shall timely create and publish a list of assuming insurers that have satisfied the conditions set forth in this section and to which cessions shall be granted credit in accordance with this section.
(d)(1) If the Commissioner determines that an assuming insurer no longer meets one or more of the requirements under this section, the Commissioner may revoke or suspend the eligibility of the assuming insurer for recognition under this subsection in accordance with procedures set forth in regulation.
(e) Subject to a legal process of rehabilitation, liquidation, or conservation, the ceding insurer or its representative may seek or obtain an order requiring the assuming insurer to post security for all outstanding liabilities if the court in which proceedings are pending determines the order appropriate.
(f) Except as expressly prohibited by this subtitle or other law, this section does not limit or alter the capacity of parties to a reinsurance agreement to agree on requirements for security or other terms in that reinsurance agreement.
(g)(1) Credit may be taken under this section:
(h)(1) This section does not preclude an assuming insurer from providing the Commissioner with information on a voluntary basis.
Credits
Added by Acts 2020, c. 100, § 1, eff. Oct. 1, 2020; Acts 2020, c. 101, § 1, eff. Oct. 1, 2020. Amended by Acts 2023, c. 267, § 1, eff. Oct. 1, 2023.
MD Code, Insurance, § 5-917, MD INSURANCE § 5-917
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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