Maryland Code, INSURANCE 3-106
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, INSURANCE 3-106
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
To qualify for a certificate of authority to engage in the insurance business, a mutual insurer must:
(1) meet the requirements of § 3-105 of this subtitle; and
(2) have received applications and collected cash premiums in an amount that, when added to any other legally available funds, results in unencumbered assets greater than all required reserves and other liabilities at least equal to the amount required by:
(i) Sections 4-104 and 4-105 of this article, if the mutual insurer will be authorized to engage in insurance business on a nonassessable basis; or
(ii) Section 3-107 of this subtitle, if the mutual insurer will be authorized to engage in insurance business on an assessable basis.