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§ 5-602. Investments of foreign or alien 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 6. Investments of Insurers Other than Life Insurers (Refs & Annos)
MD Code, Insurance, § 5-602
§ 5-602. Investments of foreign or alien insurers
Currentness
Domicile of alien insurer
(a) For the 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 insurers
(b) The investment portfolio of a foreign insurer or alien insurer, other than a 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 insurers.
Denial or refusal to renew certificate of authority
(c) The Commissioner may deny or refuse to renew a certificate of authority to a foreign insurer or alien insurer if:
(1) the foreign insurer or alien insurer has investments in one person in excess of the limit provided in § 5-606 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 insurers transacting the same kind of insurance business.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 98.
MD Code, Insurance, § 5-602, MD INSURANCE § 5-602
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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