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§ 5-701. Deposits accepted and held by Treasurer

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 7. Administration of Deposits (Refs & Annos)
MD Code, Insurance, § 5-701
§ 5-701. Deposits accepted and held by Treasurer
Currentness
In general
(a) When made through the Commissioner by insurers or health maintenance organizations, the Treasurer shall accept and hold in trust:
(1) deposits required under this article for a certificate of authority to engage in the insurance business in the State;
(2) deposits required under § 19-710(d)(3) of the Health-General Article for a certificate of authority to operate as a health maintenance organization;
(3) deposits of domestic insurers, foreign insurers, or alien insurers required under the laws of another state, province, or country as a prerequisite for authority to engage in the insurance business in the other state, province, or country;
(4) deposits allowed under § 5-704 of this subtitle; and
(5) deposits required under Title 6, Subtitle 3 of this article.
Form of deposits
(b) Deposits made under subsection (a) of this section shall be in any combination of:
(1) cash; or
(2) the government securities described in § 5-510(b) or § 5-607(b)(1)(i), (ii), or (iii) of this title, as approved by the Treasurer.
Government securities registered in name of Treasurer
(c) Deposits of government securities shall be registered, both as to principal and interest, in the name of the Treasurer as trustee.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 70, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, §§ 107, 108, 110, 113.
MD Code, Insurance, § 5-701, MD INSURANCE § 5-701
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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