Maryland Code, INSURANCE 9-315
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Terms Used In Maryland Code, INSURANCE 9-315
- Administrator: includes an executor and a personal representative. See
- 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 - Verdict: The decision of a petit jury or a judge.
(a) To allow proper defense by the Corporation of pending causes of action, each proceeding in which an insolvent insurer is a party or is obligated to defend a party in a court in the State shall be stayed for 60 days after the date of the determination of insolvency.
(b) As to a covered claim arising from a judgment under an order, decision, verdict, or finding based on the default of the insolvent insurer or its failure to defend an insured, the Corporation, on its own behalf or on behalf of the insured, may:
(1) apply to have the judgment, order, decision, verdict, or finding set aside by the same court or administrator that made it; and
(2) defend against the covered claim on the merits.