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§ 3-106. Qualifications for certificate to engage in insurance business

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 3. Kinds of Insurers
Subtitle 1. Stock Insurers and Mutual Insurers (Refs & Annos)
MD Code, Insurance, § 3-106
§ 3-106. Qualifications for certificate to engage in insurance business
Currentness
To qualify for a certificate of authority to engage in the insurance business, a mutual insurer must:
(1) meet the requirements of § 3-105 of this subtitle; and
(2) have received applications and collected cash premiums in an amount that, when added to any other legally available funds, results in unencumbered assets greater than all required reserves and other liabilities at least equal to the amount required by:
(i) Sections 4-104 and 4-105 of this article, if the mutual insurer will be authorized to engage in insurance business on a nonassessable basis; or
(ii) Section 3-107 of this subtitle, if the mutual insurer will be authorized to engage in insurance business on an assessable basis.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 252.
MD Code, Insurance, § 3-106, MD INSURANCE § 3-106
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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