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§ 5-703. Purpose of deposits

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, § 5-703
§ 5-703. Purpose of deposits
Currentness
Deposits made under this subtitle shall be held for the following purposes:
(1) deposits required under this article for a certificate of authority to engage in the insurance business in the State shall be held for the protection of the insurer's policyholders and creditors;
(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 shall be held for the protection of the health maintenance organization's members and creditors;
(3) deposits of domestic 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 shall be held for the protection of the insurer's policyholders and creditors or for any other purpose specified in the laws requiring the deposits to be made;
(4) deposits allowed under § 5-704 of this subtitle shall be held for the protection of the insurer's policyholders and creditors; and
(5) deposits required under Title 6, Subtitle 3 of this article shall be held for the purposes specified in the notice of the Commissioner requiring the deposits to be made.

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, §§ 50, 109, 113.
MD Code, Insurance, § 5-703, MD INSURANCE § 5-703
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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