Maryland Code, INSURANCE 16-116

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

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.
state: means :

(1) a state, possession, territory, or commonwealth of the United States; or

(2) the District of Columbia. See

(a) In this section, “public entity” means:

(1) a political subdivision of the State;

(2) a unit of the State or a local government; or

(3) a nonprofit or nonstock corporation that:

(i) receives 50% or more of its annual operating budget from the State or a local government; and

(ii) is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code.

(b) Public entities may pool together to purchase life insurance or to self-insure against life risks.