§ 3-116. Loans or advances to insurers
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 3-116
§ 3-116. Loans or advances to insurers
(a)(1) A director, officer, or member of a stock insurer or mutual insurer or any other person may lend or advance to the stock insurer or mutual insurer any money necessary to enable it to comply with a surplus requirement or any other requirement of law.
(b)(1) Proceeds of a loan or advance under this section shall be in the form of cash or other admitted assets having readily determinable values and liquidity satisfactory to the Commissioner.
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 293, § 2, eff. Oct. 1, 1997; Acts 2006, c. 514, § 1, eff. Oct. 1, 2006.
Formerly Art. 48A, § 266.
MD Code, Insurance, § 3-116, MD INSURANCE § 3-116
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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