Maryland Code, INSURANCE 9-410
Terms Used In Maryland Code, INSURANCE 9-410
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
(ii) 1. The plan of operation and any amendments to it take effect when approved in writing by the Commissioner.
2. Unless disapproved by the Commissioner within 30 days after submission, a plan of operation and any amendments to the plan shall be deemed approved on the 31st day after the date on which the plan was submitted.
(2) (i) If the Corporation fails to submit suitable amendments to the plan of operation, the Commissioner, after notice and hearing, shall adopt reasonable regulations as necessary or advisable to carry out this subtitle.
(ii) Regulations adopted under this paragraph shall continue in effect until modified by the Commissioner or superseded by an amendment to the plan of operation submitted by the Corporation and approved by the Commissioner.
(b) Each member insurer shall comply with the plan of operation.
(c) The plan of operation shall:
(1) establish procedures for handling the assets of the Corporation;
(2) establish the amounts to be reimbursed and the method of reimbursing members of the Board of Directors under § 9-406 of this subtitle;
(3) establish regular places and times for meetings of the Board of Directors;
(4) establish procedures for keeping records of the financial transactions of the Corporation, its agents, and the Board of Directors;
(5) establish procedures for choosing the Board of Directors and submitting the choices to the Commissioner;
(6) establish any additional procedures for assessments under § 9-409 of this subtitle; and
(7) contain any additional provisions necessary or proper to perform the powers and duties of the Corporation.
(d) (1) The plan of operation may provide that any or all of the powers and duties of the Corporation, except those under §§ 9-408(3) and 9-409 of this subtitle, may be delegated to a person that performs or will perform functions similar to those of the Corporation or its equivalent in two or more states.
(2) A person to which powers and duties are delegated under the plan of operation shall be:
(i) reimbursed for any payments made on behalf of the Corporation; and
(ii) paid for its performance of the functions of the Corporation.
(3) A delegation under this subsection may:
(i) take effect only with the approval of the Board of Directors and Commissioner; and
(ii) be made only to a person that extends protection not substantially less favorable and effective than that provided by this subtitle.