§ 3-107. Requirements for mutual insurers
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 3-107
§ 3-107. Requirements for mutual insurers
(a) A mutual insurer that proposes to or writes assessable policies must comply with all applicable requirements of this article except that the financial requirements of this section apply instead of the requirements of §§ 4-104, 4-105, and 4-106 and Title 5, Subtitle 10 of this article.
(b)(1) The mutual insurer must have applications for insurance on which it shall issue simultaneously, or it must have in force, at least 20 policies to at least 20 members for the same kind of insurance, on at least 200 separate risks, each within the maximum single risk described in subsection (c) of this section.
(c)(1) The maximum single risk may not exceed the greatest of:
(d)(1) On each insurance application required by subsection (b) of this section, the mutual insurer must have collected:
(e)(1) To qualify for authority to engage in one kind of insurance business allowed to be written on an assessable basis under this article, a mutual insurer must have total assets that:
(f) To qualify for authority to engage in two or more kinds of insurance business allowed to be written on an assessable basis under this article, a mutual insurer must have assets that:
(g)(1) This subsection applies only to a domestic mutual insurer that:
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 253.
MD Code, Insurance, § 3-107, MD INSURANCE § 3-107
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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