§ 5-804. Trust agreements
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 5-804
§ 5-804. Trust agreements
(a)(1) A deposit of trusteed assets shall be made under a written trust agreement between the alien insurer and the trustee in accordance with this subtitle.
(b) Whether or not then authorized to transact insurance business in Maryland, an alien insurer that uses or proposes to use Maryland as a state of entry to transact insurance business in the United States may make and execute the trust agreement required by this subtitle.
(c)(1) The trust agreement is not effective until filed with and approved in writing by the Commissioner.
(e)(1) The Commissioner may withdraw approval of a trust agreement or amendment to a trust agreement if the Commissioner finds, after a hearing, that the requirements under this subtitle for approval of the trust agreement or amendment are no longer met.
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, §§ 122 to 125.
MD Code, Insurance, § 5-804, MD INSURANCE § 5-804
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.
End of Document |