§ 5-205. Unearned premium reserves for property, general casualty, and surety insurance
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 5-205
§ 5-205. Unearned premium reserves for property, general casualty, and surety insurance
(a) Except as provided in subsection (e) of this section, each insurer shall maintain unearned premium reserves on all policies in force with respect to:
(b) The Commissioner may require that, after deducting reinsurance ceded to solvent insurers in the manner provided in this article, the reserves equal the unearned parts of the gross premiums in force that are computed on each respective risk from the policy's date of issue.
(c) Reserves under this section shall be computed:
(d) After adopting a method for computing reserves, an insurer may change the method only with the approval of the Commissioner or the insurance supervisory official of the insurer's domicile.
(e)(1) A marine insurance premium on a trip risk not terminated is considered unearned.
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2001, c. 332, § 1, eff. Oct. 1, 2001.
Formerly Art. 48A, § 78.
MD Code, Insurance, § 5-205, MD INSURANCE § 5-205
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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