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§ 3-301. Definitions

West's Annotated Code of MarylandInsuranceEffective: October 1, 2016

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 3. Kinds of Insurers
Subtitle 3. Surplus Lines Insurance (Refs & Annos)
Effective: October 1, 2016
MD Code, Insurance, § 3-301
§ 3-301. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Act
(b) “Act” means the federal Nonadmitted and Reinsurance Reform Act of 2010.
Admitted insurer
(c) “Admitted insurer” means an insurer that is authorized to engage in the business of insurance in the State.
Exempt commercial purchaser
(d) “Exempt commercial purchaser” has the meaning stated in § 527 of the Act.
Home state
(e) “Home state” has the meaning stated in § 527 of the Act.
Nonadmitted insurance
(f) “Nonadmitted insurance” means property and casualty insurance that may be placed directly or through a surplus lines broker with a nonadmitted insurer that is eligible to accept the insurance.
Nonadmitted insurer
(g)(1) “Nonadmitted insurer” means an insurer that is not authorized to engage in the business of insurance in the State.
(2) “Nonadmitted insurer” does not include a risk retention group.
Qualified surplus lines broker
(h) “Qualified surplus lines broker” means a person that has obtained a certificate of qualification from the Commissioner to act as a surplus lines broker under this subtitle.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1996, c. 60, § 1, eff. Oct. 1, 1997; Acts 2011, c. 520, § 1, eff. July 1, 2011; Acts 2011, c. 521, § 1, eff. July 1, 2011; Acts 2016, c. 207, § 1, eff. Oct. 1, 2016; Acts 2016, c. 208, § 1, eff. Oct. 1, 2016.
MD Code, Insurance, § 3-301, MD INSURANCE § 3-301
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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