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§ 4-114. Cease and desist orders

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 4. General Requirements for Insurers
Subtitle 1. Certificates of Authority (Refs & Annos)
MD Code, Insurance, § 4-114
§ 4-114. Cease and desist orders
In general
(a) Without notice and before hearing, the Commissioner may issue and have served on an insurer an order requiring the insurer immediately to cease and desist from writing insurance in the State if it appears to the Commissioner that:
(1) the insurer is:
(i) conducting its business and affairs in a manner that threatens to make it insolvent or that is hazardous to its policyholders, creditors, or the general public; or
(ii) engaged in an act, practice, or transaction that constitutes grounds making the insurer subject to conservation or liquidation proceedings; and
(2) irreparable loss and injury to the property and business of the insurer or the general public has occurred or may occur unless the Commissioner acts immediately.
Notice of hearing
(b)(1) When an order is served on an insurer under subsection (a) of this section, the Commissioner shall issue and also serve on the insurer notice of a hearing to be held at a place and time not later than 5 days after the date of the order.
(2) If the insurer waives the right to a hearing within 5 days after the date of the order, the hearing shall be held within 30 days after service of the order.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 55.
MD Code, Insurance, § 4-114, MD INSURANCE § 4-114
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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