Maryland Statutes
Insurance
Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers

Section 5-201 - Reserve Requirements for Life Insurer, Nonprofit Health Service Plan, and Fraternal Benefit Society - (a) (1) In this section the following words have the...

Section 5-201.1 - Annual Actuarial Verification of Reserves - (a) (1) In this section the following words have the...

Section 5-202 - Inadequate Reserves of Insurer - (a) If the Commissioner determines that an insurer’s unearned premium...

Section 5-203 - Active Life Reserves for Health Insurance Policies - (a) An insurer shall maintain active life reserves for all...

Section 5-205 - Unearned Premium Reserves for Property, General Casualty, and Surety Insurance Policies - (a) Except as provided in subsection (e) of this section,...

Section 5-206 - Guaranty Fund or Unearned Premium Reserves for Title Insurance Contracts - (a) (1) In this section, “risk premiums” means the amount...

Subtitle 3 - Standard Valuation Law

Section 5-301 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-301.1 - Valuation of Reserves Required - (a) (1) (i) Subject to subparagraph (ii) of this paragraph,...

Section 5-302 - Policies and Contracts Issued Before Operative Date of Standard Nonforfeiture Law - Except as otherwise provided in §§ 5-305 and 5-306 of...

Section 5-303 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Scope - (a) Except as otherwise provided in §§ 5–305 and 5–306...

Section 5-304 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Computation of Minimum Standard - (a) (1) Except as otherwise provided in §§ 5–305 and...

Section 5-305 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Computation of Minimum Standard for Annuities - (a) (1) Except as provided in § 5–306 of this...

Section 5-306 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Computation of Minimum Standard by Calendar Year of Issue - (a) (1) In this section the following words have the...

Section 5-307 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Reserve Valuation Method for Life Insurance and Endowment Benefits - (a) (1) In this subsection, “guaranteed benefits” means future guaranteed...

Section 5-308 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Reserve Valuation Method for Annuity and Pure Endowment Benefits - (a) (1) Except as provided in paragraph (2) of this...

Section 5-309 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Minimum Reserves for Life Insurance Policies - (a) This section does not apply to reserves for disability...

Section 5-310 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Optional Reserve Calculation - (a) Subject to subsection (b) of this section, the Commissioner...

Section 5-311 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Reserve Calculation for Valuation Net Premium Exceeding Gross Premium Charged - (a) (1) Except as provided in subsection (b) of this...

Section 5-312 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Reserve Calculation for Indeterminate Premium Plans - (a) This section applies to: (1) a plan of life...

Section 5-313 - Valuation Manual - (a) Except as provided in subsection (e) or (g) of...

Section 5-314 - Valuation Manual -- Reserves - (a) For policies and contracts specified in the valuation manual,...

Section 5-315 - Submission of Data as Required in Valuation Manual - A company shall submit the mortality data, morbidity data, policyholder...

Section 5-316 - Confidentiality - (a) In this section, “confidential information” means: (1) a memorandum...

Section 5-317 - Exemptions - (a) The Commissioner may exempt a specific product form or...

Subtitle 4 - Valuation of Investments

Section 5-401 - Valuation of Investments - (a) (1) Except for securities subject to amortization and except...

Section 5-402 - Valuation of Bonds - (a) This section applies to a bond or other evidence...

Section 5-403 - Inconsistent Valuations - Valuations under this subtitle may not be inconsistent with applicable...

Subtitle 5 - Investments of Life Insurers

Section 5-501 - Scope of Subtitle - Except for § 5-502 of this subtitle, this subtitle applies...

Section 5-502 - Investments of Foreign or Alien Life Insurers - (a) For purposes of this section, the domicile in the...

Section 5-503 - Date When Eligibility of Investment Determined - (a) The eligibility of an investment shall be determined as...

Section 5-504 - General Qualifications of Investments - (a) A life insurer may not purchase an investment or...

Section 5-505 - Authorization of Investments and Loans - (a) (1) In this section the following words have the...

Section 5-506 - Prohibited Investments and Loans - (a) In addition to investments otherwise excluded under this article,...

Section 5-507 - Investment in One Person - (a) This section does not apply to: (1) policy loans...

Section 5-508 - Policy Loans - (a) A life insurer may lend to its policyholder on...

Section 5-509 - Foreign Investments - (a) The definitions in § 5-511 of this subtitle apply...

Section 5-510 - Investment Requirements - (a) Before investing in other classes or types of investment,...

Section 5-511 - Classes of Reserve Investments - (a) (1) In this section and in § 5–509 of...

Section 5-512 - Separate Investment Accounts for Funding Qualified Plans - (a) A life insurer may allocate to one or more...

Subtitle 6 - Investments of Insurers Other Than Life Insurers

Section 5-601 - Scope of Subtitle - Except for § 5-602 of this subtitle, this subtitle applies...

Section 5-602 - Investments of Foreign or Alien Insurers - (a) For the purposes of this section, the domicile in...

Section 5-603 - Date When Eligibility of Investment Determined - (a) The eligibility of an investment shall be determined as...

Section 5-604 - Authorization of Investments and Loans - (a) An insurer may not make an investment or loan...

Section 5-605 - Prohibited Investments and Loans - (a) In addition to investments otherwise excluded under this article,...

Section 5-606 - Limitation on Amount of Investments - (a) (1) Except as otherwise specifically provided in this subtitle,...

Section 5-607 - Investment Requirements - (a) Before investing in other classes of securities or types...

Section 5-608 - Classes of Reserve Investments - (a) (1) In this section the following words have the...

Section 5-609 - Unlawfully Acquired Investments - (a) Each insurer shall dispose of any investments acquired in...

Subtitle 7 - Administration of Deposits

Section 5-701 - Deposits of Assets - (a) When made through the Commissioner by insurers or health...

Section 5-702 - Trust Companies as Depositories; Responsibility of State - (a) (1) With the consent of the Commissioner, the Treasurer...

Section 5-703 - Purpose of Deposits - Deposits made under this subtitle shall be held for the...

Section 5-704 - Excess Deposits - (a) An insurer may deposit cash or government securities eligible...

Section 5-705 - Deficiency of Deposit - An insurer shall deposit promptly additional cash or other or...

Section 5-706 - Levy on Deposits by Judgment Creditors - (a) A judgment creditor or other claimant of an insurer...

Section 5-707 - Rights of Insurer During Solvency - While an insurer is solvent and complies with this article,...

Section 5-708 - Release of Deposits - (a) A deposit made by an insurer under this subtitle...

Section 5-709 - Transfer or Release of Deposits After Merger or Consolidation - (a) On completion of a merger or consolidation, an insurer...

Subtitle 8 - Trusteed Assets of Alien Insurers

Section 5-801 - "Trusteed Assets" Defined - In this subtitle, “trusteed assets” means assets deposited in trust...

Section 5-802 - Scope of Subtitle - This subtitle applies to each alien insurer that desires to...

Section 5-803 - Deposit of Trusteed Assets - (a) An alien insurer may use Maryland as a state...

Section 5-804 - Trust Agreement - (a) (1) A deposit of trusteed assets shall be made...

Section 5-805 - Trusteed Assets - (a) (1) For purposes of the trust deposit, title to...

Section 5-806 - Withdrawal of Assets - (a) Except as otherwise provided in subsections (b) through (e)...

Section 5-807 - Substitution of Trustee - Subject to the Commissioner’s approval, a new trustee may be...

Subtitle 9 - Reinsurance

Section 5-901 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-902 - Scope of Subtitle; Inconsistent Laws Superseded - (a) This subtitle does not apply to wet marine and...

Section 5-903 - Credit for Reinsurance Allowed - Credit for reinsurance shall be allowed a domestic ceding insurer...

Section 5-904 - Reinsurance Authorized - (a) Except as provided in §§ 3–124 and 3–125 of...

Section 5-905 - Ceding Insurers - (a) (1) Credit may not be allowed, as an asset...

Section 5-906 - Requirements for Accreditation - (a) In order for an assuming reinsurer to be eligible...

Section 5-907 - Sufficiency of Trust Fund - (a) To enable the Commissioner to determine the sufficiency of...

Section 5-908 - Certification - (a) In order to be eligible for certification in accordance...

Section 5-909 - List of Qualifying Jurisdictions - (a) (1) The Commissioner shall maintain and publish a list...

Section 5-910 - Rating; Inactive Status - (a) (1) The Commissioner shall assign a rating to each...

Section 5-911 - Security - (a) A certified reinsurer shall secure obligations assumed from United...

Section 5-912 - Suspension or Revocation of Accreditation or Certification - (a) After providing notice and an opportunity for hearing to...

Section 5-913 - Reinsurer Not Licensed, Accredited, or Certified - (a) If the assuming insurer is not licensed, accredited, or...

Section 5-914 - Amount of Asset or Reduction From Liability for Assuming Insurer Not Meeting Requirements - (a) An asset or a reduction from liability for the...

Section 5-915 - Managing Reinsurance Recoverables - (a) (1) A ceding insurer shall take steps to manage...

Section 5-916 - Regulations - (a) The Commissioner may adopt: (1) regulations to carry out...

Section 5-917 - Reinsurance Credit for Assuming Insurer -- Reciprocal Jurisdictions -- Eligibility - (a) Credit shall be allowed when reinsurance is ceded to...

Subtitle 10 - Limitation of Risk

Section 5-1001 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1002 - Scope of Subtitle - (a) This subtitle does not apply to: (1) life insurance;...

Section 5-1003 - Limitation of Risk -- in General - (a) (1) Subject to § 5-1004 of this subtitle and...

Section 5-1004 - Limitation of Risk -- Surety Insurers - (a) A surety insurer may execute transportation or warehousing bonds...

Section 5-1005 - Limitation of Risk -- Financial Guaranty Insurance - The Commissioner may establish by regulation limits on the risk...

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Maryland Statutes Insurance Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers

Maryland Statutes
Insurance
Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers