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§ 5-805. Trusteed assets

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 8. Trusteed Assets of Alien Insurers (Refs & Annos)
MD Code, Insurance, § 5-805
§ 5-805. Trusteed assets
Currentness
Title of assets vested in trustee and its successor
(a)(1) For purposes of the trust deposit, title to the trusteed assets is vested in the trustee and its successor.
(2) The trust agreement shall provide that title to the trusteed assets be vested as described in paragraph (1) of this subsection.
Duties of trustee
(b) The trustee shall:
(1) keep the trusteed assets separate from other assets; and
(2) maintain a record of the trusteed assets sufficient to identify the trusteed assets at all times.
Statements certifying character and amount of trusteed assets
(c)(1) On written request of the Commissioner, the trustee shall file with the Commissioner statements, in the form required by the Commissioner, certifying the character and amount of the trusteed assets.
(2) If the trustee after a reasonable time fails to file a statement requested by the Commissioner under paragraph (1) of this subsection, the Commissioner may suspend or revoke the certificate of authority of the alien insurer that deposited the trusteed assets.
Examination by Commissioner
(d) The Commissioner may examine the trusteed assets of an alien insurer at any time in accordance with the conditions and procedures that govern the examination of insurers in general under Title 2 of this article.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, §§ 126 to 129.
MD Code, Insurance, § 5-805, MD INSURANCE § 5-805
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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