Maryland Code, INSURANCE 2-206
Terms Used In Maryland Code, INSURANCE 2-206
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Trustee: A person or institution holding and administering property in trust.
(1) an insurance producer, surplus lines broker, general agent, adjuster, public adjuster, or adviser;
(2) a person with the exclusive or dominant right under a contract to manage or control an insurer;
(3) a person that, for the purpose of controlling the management of a domestic insurer, holds the shares of voting stock or policyholder proxies of the domestic insurer as voting trustee or otherwise; or
(4) a person engaged in, proposing to engage in, or helping in the promotion or formation of:
(i) a domestic insurer or insurance holding corporation; or
(ii) a corporation to finance a domestic insurer or the production of its business.