Maryland Code, INSURANCE 9-313
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, INSURANCE 9-313
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The rate and premium charged for a policy or surety bond to which this subtitle applies:
(1) shall include an amount sufficient to recoup, over a reasonable length of time of not less than 3 years, the amount paid to the Corporation by the member insurer less any amount returned to the member insurer by the Corporation; and
(2) may not be considered excessive because the rate and premium contain an amount reasonably calculated to recoup assessments paid by the member insurer.