Maryland Code, INSURANCE 4-107
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Terms Used In Maryland Code, INSURANCE 4-107
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Service of process: The service of writs or summonses to the appropriate party.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) On the form that the Commissioner provides, each insurer applying for a certificate of authority must appoint the Commissioner as attorney for service of process issued against the insurer in the State.
(b) The appointment:
(1) is irrevocable;
(2) binds the insurer and any successor in interest or successor to the assets and liabilities of the insurer; and
(3) remains in effect as long as there is in force in the State a contract made by the insurer or an obligation arising from a contract made by the insurer.