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§ 5-609. Unlawfully acquired 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 6. Investments of Insurers Other than Life Insurers (Refs & Annos)
MD Code, Insurance, § 5-609
§ 5-609. Unlawfully acquired investments
Currentness
Disposal of unlawful investments
(a) Each insurer shall dispose of any investments acquired in violation of the law in force on the date of acquisition of the investment.
Deduction as nonadmitted assets of insurer
(b) In any determination of the financial condition of an insurer with investments acquired in violation of the law, the amount of the value of investments, if wholly ineligible, or the amount of the value of the investments in excess of any limitation prescribed by this subtitle, shall be deducted as a nonadmitted asset of the insurer.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 107.
MD Code, Insurance, § 5-609, MD INSURANCE § 5-609
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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