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§ 3-211. Financial condition of reciprocal insurer

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, § 3-211
§ 3-211. Financial condition of reciprocal insurer
Currentness
Determination by Commissioner
(a) The Commissioner shall determine the financial condition of a reciprocal insurer in accordance with this section.
Assets
(b)(1) The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits that are delinquent for 90 days or more shall be charged first against the surplus deposits.
(2) Premium deposits that are delinquent for less than 90 days shall be allowed as assets.
(3) An assessment levied on subscribers, but not collected, may not be allowed as an asset.
(4) The contingent liability of subscribers may not be allowed as an asset.
Liabilities
(c)(1) The Commissioner shall charge as liabilities the same reserves as are required of incorporated insurers that issue nonassessable policies on a reserve basis.
(2) The surplus deposits of subscribers may not be charged as a liability.
Computation of reserves
(d) The computation of reserves shall be based on premium deposits other than membership fees.
Affidavits required by Commissioner
(e) At any time, the Commissioner may require the attorney in fact of a reciprocal insurer to submit an affidavit that shows the amount of annual savings, not already credited to subscribers, that are due but not paid.

Credits

Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997.
Formerly Art. 48A, § 291.
MD Code, Insurance, § 3-211, MD INSURANCE § 3-211
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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