§ 5-102. Assets not admitted
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 5-102
§ 5-102. Assets not admitted
(a) Notwithstanding § 5-101 of this subtitle, in determining the financial condition of an insurer, the following expressly are not allowed as admitted assets:
(4) stock of the insurer owned by it, any material interest in the stock of the insurer, any loan that is secured by the stock of the insurer, or any material proportionate interest in the stock of the insurer acquired or held through the insurer's ownership of an interest in another firm, corporation, or business unit;
(b) Notwithstanding subsection (a) of this section, a bona fide mortgage loan to an officer or employee of the insurer may be allowed as an admitted asset if the loan:
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2001, c. 332, § 1, eff. Oct. 1, 2001; Acts 2001, c. 731, § 1, eff. July 2, 2001.
Formerly Art. 48A, § 76.
MD Code, Insurance, § 5-102, MD INSURANCE § 5-102
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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