Maryland Code, INSURANCE 6-101
Terms Used In Maryland Code, INSURANCE 6-101
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
(1) a person engaged as principal in the business of writing insurance contracts, surety contracts, guaranty contracts, or annuity contracts;
(2) a managed care organization authorized by Title 15, Subtitle 1 of the Health – General Article;
(3) a for-profit health maintenance organization authorized by Title 19, Subtitle 7 of the Health – General Article;
(4) an attorney in fact for a reciprocal insurer; and
(5) a credit indemnity company.
(b) The following persons are not subject to taxation under this subtitle:
(1) a nonprofit health service plan corporation that meets the requirements established under §§ 14-106 and 14-107 of this article;
(2) a fraternal benefit society;
(3) a surplus lines broker, who is subject to taxation in accordance with Title 3, Subtitle 3 of this article;
(4) an unauthorized insurer, who is subject to taxation in accordance with Title 4, Subtitle 2 of this article;
(5) a nonprofit health maintenance organization authorized by Title 19, Subtitle 7 of the Health – General Article that is exempt from taxation under § 501(c)(3) of the Internal Revenue Code; and
(6) the Maryland Automobile Insurance Fund.