Source: https://law.justia.com/codes/maryland/2013/article-gin/section-4-104
Timestamp: 2020-07-12 10:02:55
Document Index: 579779763

Matched Legal Cases: ['§ 4', '§ 4', '§ 4', '§ 4', '§4', '§ 4', '§ 4']

§ 4-104 - Capital stock requirements :: 2013 Maryland Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Maryland Code 2013 Maryland Code INSURANCE § 4-104 - Capital stock requirements
§ 4-104 - Capital stock requirements
MD Ins Code § 4-104 (2013) What's This?
§4-104.
(a) Except as otherwise provided in this article, to qualify for a certificate of authority to engage in one kind of insurance business, an insurer that started business in the State on or before June 30, 1965, must have and maintain paid-in capital stock with a fixed nominal or par value in an amount not less than that applicable under the following schedule:
Kind of Minimum Capital
Insurance BusinessStock Required
life insurance, including annuities and health insurance
property insurance and marine insurance other than wet marine and transportation insurance
casualty insurance, not including vehicle liability insurance or workers’ compensation insurance
(b) To qualify for a certificate of authority to engage in two or more kinds of insurance business, an insurer that started business in the State on or before June 30, 1965, must have paid-in capital stock with a fixed nominal or par value in an amount not less than the lesser of:
(1) the combined sum of the capital stock required for each of the kinds of insurance business to be authorized; or
(c) Except as otherwise provided in this article, to qualify for a certificate of authority to engage in one kind of insurance business, an insurer that started business in the State during the period from July 1, 1965, to June 30, 1991, both inclusive, must have and maintain paid-in capital stock with a fixed nominal or par value in an amount not less than that applicable under the following schedule:
(d) To qualify for a certificate of authority to engage in two or more kinds of insurance business, an insurer that started business in the State during the period from July 1, 1965, to June 30, 1991, both inclusive, must have paid-in capital stock with a fixed nominal or par value in an amount not less than $500,000.
(e) Except as otherwise provided in this article, to qualify for a certificate of authority to engage in one kind of insurance business, an insurer that started business in the State on or after July 1, 1991, must have and maintain paid-in capital stock with a fixed nominal or par value in an amount not less than that applicable under the following schedule:
life insurance, including annuities
(f) To qualify for a certificate of authority to engage in two or more kinds of insurance business, an insurer that started business in the State on or after July 1, 1991, must have paid-in capital stock with a fixed nominal or par value in an amount not less than $1,500,000.
(g) On or after July 1, 2001, an insurer that qualified for a certificate of authority to engage in any kind of insurance business on or before June 30, 1991, must have and maintain paid-in capital stock with a fixed nominal or par value in an amount not less than 150% of that required of an insurer authorized to start insurance business in the State on June 30, 1991.
§ 4-104 - 1. Capital stock requirements --Title insurer
Notwithstanding the provisions of § 4-104 of this subtitle, a title insurer domiciled in this State shall have and maintain paid-in capital stock with a fixed nominal or par value in the amount of: