Home Table of Contents

§ 5-502. Investments of foreign or alien life insurers

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 5. Assets, Liabilities, Reserves, and Investments of Insurers
Subtitle 5. Investments of Life Insurers (Refs & Annos)
MD Code, Insurance, § 5-502
§ 5-502. Investments of foreign or alien life insurers
Currentness
Domicile of alien insurer
(a) For purposes of this section, the domicile in the United States of an alien insurer, other than an insurer formed under the laws of Canada, is deemed to be the state where the alien insurer maintains its largest deposit of trusteed assets.
Investment portfolios of foreign or alien life insurers
(b) The investment portfolio of a foreign life insurer or alien life insurer shall be:
(1) as allowed by the laws of its domicile; and
(2) of a quality substantially as high as that required under this subtitle for similar funds of like domestic life insurers.
Denials or refusals to renew certificate of authority
(c) The Commissioner may deny or refuse to renew a certificate of authority to a foreign life insurer or alien life insurer if:
(1) the foreign life insurer or alien life insurer has investments in one person in excess of the limit provided in § 5-507 of this subtitle; or
(2) the Commissioner finds that its investments do not comply in substance with the investment requirements and limitations of this subtitle for domestic life insurers transacting the same kind of insurance business.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 87.
MD Code, Insurance, § 5-502, MD INSURANCE § 5-502
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.
End of Document