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§ 5-708. Release and return 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, § 5-708
§ 5-708. Release and return of deposits
Currentness
In general
(a) A deposit made by an insurer under this subtitle shall be released and returned:
(1) to the insurer when substantially all liability of the insurer that the deposit secures is extinguished by authorized reinsurance or otherwise;
(2) to the insurer, if solvent, to the extent that the deposit exceeds the amount required to be deposited under this article; or
(3) on order of a court of competent jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer, or to any other properly designated official who succeeds to the management and control of the insurer's assets.
Release only on application and written order of Commissioner
(b) Except for a release made under subsection (a)(3) of this section, a release of deposited cash or government securities may be made only on application to and written order of the Commissioner.
Personal liability of Commissioner
(c) If the release is made in good faith, the Commissioner is not personally liable for the release of any deposit or part of a deposit.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, §§ 116, 118.
MD Code, Insurance, § 5-708, MD INSURANCE § 5-708
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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