§ 5-317. Exemption from requirements of Insurance § 5-313
West's Annotated Code of MarylandInsuranceEffective: October 1, 2019
Effective: October 1, 2019
MD Code, Insurance, § 5-317
§ 5-317. Exemption from requirements of Insurance § 5-313
(a) The Commissioner may exempt a specific product form or product line of a domestic company that holds a certificate of authority issued by the Commissioner and is doing business only in the State from the requirements of § 5-313 of this subtitle if:
(b)(1) A company that is granted an exemption under subsection (a) of this section is subject to § 5-201 of this title and §§ 5-302 through 5-312 of this subtitle.
(c) The Commissioner may exempt a domestic company that holds a certificate of authority issued by the Commissioner and is doing business in the State from the requirements of §§ 5-314 and 5-315 of this subtitle if the company meets the life principle-based reserves exemption criteria in the valuation manual.
(d) For purposes of subsection (c) of this section, ordinary life premiums are measured as direct premium plus reinsurance assumed from an unaffiliated company, as reported in the annual statement for the prior calendar year.
(e)(1) A domestic company that meets the requirements of subsection (c) of this section shall:
Credits
Added by Acts 2015, c. 367, § 2, eff. Oct. 1, 2015. Amended by Acts 2019, c. 245, § 1, eff. Oct. 1, 2019.
MD Code, Insurance, § 5-317, MD INSURANCE § 5-317
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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