§ 3-117. Loans, advances, and guarantees of financial obligations of directors and officers
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 3-117
§ 3-117. Loans, advances, and guarantees of financial obligations of directors and officers
(a)(1) Except as provided in subsection (d) of this section, an authorized insurer or its subsidiary may not make, directly or indirectly, a loan to a director or executive officer of the authorized insurer unless the loan:
(b) An authorized insurer may not make an advance to a director or executive officer of the authorized insurer for future services to be performed more than 1 year after the date of making the advance.
(c)(1) An authorized insurer or its affiliate or subsidiary may not guarantee, directly or indirectly, the financial obligation of a director or executive officer of the authorized insurer, affiliate, or subsidiary.
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
MD Code, Insurance, § 3-117, MD INSURANCE § 3-117
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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