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§ 3-203. Qualifications of reciprocal insurers

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 3. Kinds of Insurers
Subtitle 2. Reciprocal Insurers (Refs & Annos)
MD Code, Insurance, § 3-203
§ 3-203. Qualifications of reciprocal insurers
Currentness
In general
(a) A reciprocal insurer may be authorized to engage in the insurance business if the reciprocal insurer meets the requirements of this section and is otherwise in compliance with the applicable provisions of this article.
Minimum surplus funds to write assessable policies
(b) To write assessable policies, a reciprocal insurer must have surplus funds of not less than:
(1) $375,000 for one kind of insurance business; and
(2) $750,000 for two or more kinds of insurance business.
Minimum surplus funds to write nonassessable policies
(c) To write nonassessable policies, a reciprocal insurer must:
(1) have surplus funds of not less than:
(i) $750,000 for one kind of insurance business; and
(ii) $1,500,000 for two or more kinds of insurance business; and
(2) comply with the deposit requirements of § 4-106 of this article.

Credits

Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997.
Formerly Art. 48A, § 282.
MD Code, Insurance, § 3-203, MD INSURANCE § 3-203
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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