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§ 5-504. General qualifications of investments

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, § 5-504
§ 5-504. General qualifications of investments
Currentness
Purchase at market value
(a) A life insurer may not purchase an investment or security at a price above its market value.
Acquiring control of another insurer
(b) Subsection (a) of this section does not prohibit a life insurer from acquiring control of another insurer.
Dividends, distribution of assets, or bulk reinsurance, merger, or consolidation
(c) This subtitle does not prohibit a life insurer from acquiring other or additional securities or property that is received:
(1) as a dividend;
(2) as a lawful distribution of assets; or
(3) under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 89.
MD Code, Insurance, § 5-504, MD INSURANCE § 5-504
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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