reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  5-606 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 6 - Investments of Insurers Other Than Life Insurers|Section 5-606 - Limitation on Amount of Investments

    (a)    (1)    Except as otherwise specifically provided in this subtitle, an insurer may not have more than 10% of its total admitted assets invested in or lent on the securities of one person.        (2)    Paragraph (1) of this subsection does not apply to:            (i)    the classes of governmental obligations eligible for minimum capital investments of the insurer, including those obligations eligible under § 5-608(l) of this subtitle; or            (ii)    investments in stock of other insurers.    (b)    An insurer may not acquire the kind of real property specified in § 5-608(n)(1)(i) and (ii) of this subtitle if the value of the real property, plus the value of all of the real property then held by the insurer, exceeds 10% of the insurer’s total admitted assets.
MD. Insurance Code Ann. §  5-609 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 6 - Investments of Insurers Other Than Life Insurers|Section 5-609 - Unlawfully Acquired Investments

    (a)    Each insurer shall dispose of any investments acquired in violation of the law in force on the date of acquisition of the investment.    (b)    In any determination of the financial condition of an insurer with investments acquired in violation of the law, the amount of the value of investments, if wholly ineligible, or the amount of the value of the investments in excess of any limitation prescribed by this subtitle, shall be deducted as a nonadmitted asset of the insurer.
MD. Insurance Code Ann. §  5-701 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-701 - Deposits of Assets

    (a)    When made through the Commissioner by insurers or health maintenance organizations, the Treasurer shall accept and hold in trust:        (1)    deposits required under this article for a certificate of authority to engage in the insurance business in the State;        (2)    deposits required under § 19-710(d)(3) of   the Health - General Article for a certificate of authority to operate as a health maintenance organization;        (3)    deposits of domestic insurers, foreign insurers, or alien insurers required under the laws of another state, province, or country as a prerequisite for authority to engage in the insurance business in the other state, province, or country;        (4)    deposits allowed under § 5-704 of this subtitle; and        (5)    deposits required under Title 6, Subtitle 3 of this article.    (b)    Deposits made under subsection (a) of this section shall be in any combination of:        (1)    cash; or        (2)    the government securities described in § 5-510(b) or § 5-607(b)(1)(i), (ii), or (iii) of this title, as approved by the Treasurer.    (c)    Deposits of government securities shall be registered, both as to principal and interest, in the name of the Treasurer as trustee.
MD. Insurance Code Ann. §  5-702 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-702 - Trust Companies as Depositories; Responsibility of State

    (a)    (1)    With the consent of the Commissioner, the Treasurer may require an insurer to make deposits of cash or government securities of the kinds described in § 5-701(a) of this subtitle with a depository that the Treasurer designates to receive and hold the deposits.        (2)    The Treasurer may designate as a depository any solvent trust company or other solvent financial institution that has trust powers and is domiciled in the State.        (3)    The Treasurer may make an appropriate agreement with a depository to ensure the receipt, safekeeping, and release of the cash or government securities deposited under this section.        (4)    A deposit made under this section shall be held at the expense of the insurer.    (b)    The State is responsible for the safekeeping and return of all cash and government securities deposited under this section.
MD. Insurance Code Ann. §  5-703 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-703 - Purpose of Deposits

    Deposits made under this subtitle shall be held for the following purposes:         (1)    deposits required under this article for a certificate of authority to engage in the insurance business in the State shall be held for the protection of the insurer’s policyholders and creditors;        (2)    deposits required under § 19-710(d)(3) of   the Health - General Article for a certificate of authority to operate as a health maintenance organization shall be held for the protection of the health maintenance organization’s members and creditors;        (3)    deposits of domestic insurers required under the laws of another state, province, or country as a prerequisite for authority to engage in the insurance business in the other state, province, or country shall be held for the protection of the insurer’s policyholders and creditors or for any other purpose specified in the laws requiring the deposits to be made;        (4)    deposits allowed under § 5-704 of this subtitle shall be held for the protection of the insurer’s policyholders and creditors; and        (5)    deposits required under Title 6, Subtitle 3 of this article shall be held for the purposes specified in the notice of the Commissioner requiring the deposits to be made.
MD. Insurance Code Ann. §  5-704 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-704 - Excess Deposits

    (a)    An insurer may deposit cash or government securities eligible for deposit under § 5-701(b) of this subtitle in an amount greater than any deposit required or allowed under this article.    (b)    (1)    All or part of an excess deposit may be released to a solvent insurer on its request as provided in § 5-708(a)(2) of this subtitle.        (2)    An excess deposit may be released to an insolvent insurer only as provided in § 5-708(a)(3) of this subtitle.
MD. Insurance Code Ann. §  5-705 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-705 - Deficiency of Deposit

    An insurer shall deposit promptly additional cash or other or additional government securities eligible for deposit under § 5-701(b) of this subtitle in an amount sufficient to cure any deficiency if:         (1)    the cash or government securities deposited by the insurer and held on deposit under this subtitle become ineligible for deposit under § 5-701(b) of this subtitle; or        (2)    the market value of the deposited cash and government securities falls below the amount required under this article.
MD. Insurance Code Ann. §  5-706 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-706 - Levy on Deposits by Judgment Creditors

    (a)    A judgment creditor or other claimant of an insurer may not levy on any of the cash or government securities held on deposit under this subtitle for the protection of the insurer’s policyholders and creditors.    (b)    A judgment creditor or other claimant of an insurer may levy on a deposit required under Title 6, Subtitle 3 of this article if allowed by the notice of the Commissioner requiring the deposit to be made.
MD. Insurance Code Ann. §  5-707 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-707 - Rights of Insurer During Solvency

    While an insurer is solvent and complies with this article, the insurer may:         (1)    demand, receive, sue for, and recover the income from the cash and government securities deposited by the insurer under this subtitle;        (2)    substitute for any of the deposited cash or government securities, cash or government securities eligible for deposit under § 5-701(b) of this subtitle of equivalent or greater value; and        (3)    inspect, at reasonable times, any deposit made by the insurer under this subtitle.
MD. Insurance Code Ann. §  5-708 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-708 - Release of Deposits

    (a)    A deposit made by an insurer under this subtitle shall be released and returned:        (1)    to the insurer when substantially all liability of the insurer that the deposit secures is extinguished by authorized reinsurance or otherwise;        (2)    to the insurer, if solvent, to the extent that the deposit exceeds the amount required to be deposited under this article; or        (3)    on order of a court of competent jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer, or to any other properly designated official who succeeds to the management and control of the insurer’s assets.    (b)    Except for a release made under subsection (a)(3) of this section, a release of deposited cash or government securities may be made only on application to and written order of the Commissioner.    (c)    If the release is made in good faith, the Commissioner is not personally liable for the release of any deposit or part of a deposit.
MD. Insurance Code Ann. §  5-709 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 7 - Administration of Deposits|Section 5-709 - Transfer or Release of Deposits After Merger or Consolidation

    (a)    On completion of a merger or consolidation, an insurer that merges or consolidates with another insurer may:        (1)    transfer to the successor insurer any deposit made by the merged or consolidated insurer under this subtitle; or        (2)    have released to the successor insurer all or part of a deposit made by the merged or consolidated insurer under this subtitle that is no longer required of the successor insurer under this article.    (b)    A transfer or release of a deposit under this section may be made only:        (1)    with the approval of the Commissioner; and        (2)    on affidavit of the officers of the merged or consolidated insurer and the successor insurer that the liabilities of the merged or consolidated insurer have been extinguished, canceled, or reinsured.
MD. Insurance Code Ann. §  5-801 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 8 - Trusteed Assets of Alien Insurers|Section 5-801 - "Trusteed Assets" Defined

    In this subtitle, “trusteed assets” means assets deposited in trust by an alien insurer in accordance with this subtitle.
MD. Insurance Code Ann. §  5-802 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 8 - Trusteed Assets of Alien Insurers|Section 5-802 - Scope of Subtitle

    This subtitle applies to each alien insurer that desires to use Maryland as a state of entry to transact insurance business in the United States.
MD. Insurance Code Ann. §  5-803 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 8 - Trusteed Assets of Alien Insurers|Section 5-803 - Deposit of Trusteed Assets

    (a)    An alien insurer may use Maryland as a state of entry to transact insurance business in the United States if the alien insurer makes and maintains in Maryland a deposit of assets in trust with a solvent bank or trust company approved by the Commissioner.    (b)    The deposit of trusteed assets shall be held for the benefit, security, and protection of the policyholders and creditors of the alien insurer in the United States.    (c)    The deposit of trusteed assets, together with other trust deposits of the alien insurer held in the United States for the same purpose, may not be less than the deposits required of an alien insurer under § 4-106(c) of this article.    (d)    The deposit of trusteed assets shall consist of cash, securities of the same character and diversification as those eligible for investment of the funds of domestic insurers under Subtitle 5 or 6 of this title, or both cash and securities.    (e)    The deposit of trusteed assets shall be maintained as long as any liability of the alien insurer arising out of the transaction of its insurance business in the United States is outstanding.
MD. Insurance Code Ann. §  5-804 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 8 - Trusteed Assets of Alien Insurers|Section 5-804 - Trust Agreement

    (a)    (1)    A deposit of trusteed assets shall be made under a written trust agreement between the alien insurer and the trustee in accordance with this subtitle.        (2)    The deposit of trusteed assets shall be authenticated in the manner approved by the Commissioner.    (b)    Whether or not then authorized to transact insurance business in Maryland, an alien insurer that uses or proposes to use Maryland as a state of entry to transact insurance business in the United States may make and execute the trust agreement required by this subtitle.    (c)    (1)    The trust agreement is not effective until filed with and approved in writing by the Commissioner.        (2)    The Commissioner may not approve a trust agreement if the Commissioner finds that the trust agreement:            (i)    does not comply with law; or            (ii)    has terms that do not provide reasonably adequate protection for the alien insurer’s policyholders and creditors in the United States.    (d)    (1)    A trust agreement may be amended.        (2)    The amendment is not effective until filed with and approved in writing by the Commissioner as complying with this subtitle.    (e)    (1)    The Commissioner may withdraw approval of a trust agreement or amendment to a trust agreement if the Commissioner finds, after a hearing, that the requirements under this subtitle for approval of the trust agreement or amendment are no longer met.        (2)    The Commissioner shall give notice of the hearing required under paragraph (1) of this subsection to the alien insurer and the trustee of the trust agreement.
MD. Insurance Code Ann. §  5-805 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 8 - Trusteed Assets of Alien Insurers|Section 5-805 - Trusteed Assets

    (a)    (1)    For purposes of the trust deposit, title to the trusteed assets is vested in the trustee and its successor.        (2)    The trust agreement shall provide that title to the trusteed assets be vested as described in paragraph (1) of this subsection.    (b)    The trustee shall:        (1)    keep the trusteed assets separate from other assets; and        (2)    maintain a record of the trusteed assets sufficient to identify the trusteed assets at all times.    (c)    (1)    On written request of the Commissioner, the trustee shall file with the Commissioner statements, in the form required by the Commissioner, certifying the character and amount of the trusteed assets.        (2)    If the trustee after a reasonable time fails to file a statement requested by the Commissioner under paragraph (1) of this subsection, the Commissioner may suspend or revoke the certificate of authority of the alien insurer that deposited the trusteed assets.    (d)    The Commissioner may examine the trusteed assets of an alien insurer at any time in accordance with the conditions and procedures that govern the examination of insurers in general under Title 2 of this article.
MD. Insurance Code Ann. §  5-806 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 8 - Trusteed Assets of Alien Insurers|Section 5-806 - Withdrawal of Assets

    (a)    Except as otherwise provided in subsections (b) through (e) of this section, the trust agreement shall provide in substance that an alien insurer may not make, and the trustee may not allow, withdrawals of trusteed assets without advance written authorization of the Commissioner.    (b)    The trust agreement may provide that, on request of an alien insurer or the United States manager of the alien insurer, all or part of the income, earnings, dividends, or interest accumulations of the trusteed assets may be paid to that manager.    (c)    The trust agreement may provide that trusteed assets may be withdrawn and, at the same time, assets of equivalent or greater value to those trusteed assets being withdrawn may be substituted if:        (1)    the substituted assets are eligible for investment of the funds of domestic insurers under Subtitle 5 or 6 of this title;        (2)    the United States manager of the alien insurer requests the withdrawal in writing in accordance with written authority previously given or delegated by the board of directors or other similar governing body of the alien insurer; and        (3)    a copy of that authority has been filed with the trustee.    (d)    The trust agreement may provide that:        (1)    trusteed assets may be withdrawn to make a deposit that is required by law in a state in which the alien insurer is or becomes authorized to engage in the insurance business, for the protection of the alien insurer’s policyholders and creditors in that state or in the United States, to the extent that the withdrawal does not reduce the alien insurer’s deposit in this State to an amount less than the minimum deposit required under § 4-106(c) of this article; and        (2)    if a withdrawal is authorized under item (1) of this subsection, the trustee shall transfer directly to the depository required to receive the deposit in the other state the assets withdrawn in the amount required to be deposited in the other state, as certified in writing by the insurance supervisory official of the other state.    (e)    The trust agreement may provide that trusteed assets may be transferred to a liquidator, conservator, or rehabilitator under an order of a court of competent jurisdiction.    (f)    The Commissioner may authorize withdrawal of only those trusteed assets that exceed the amount required by this subtitle.    (g)    (1)    If the Commissioner determines that an alien insurer is insolvent or that an alien insurer’s assets in the United States are less than required under § 4-106(c) of this article, the Commissioner in writing shall order the trustee to suspend the right of the alien insurer or any other person to withdraw the trusteed assets of the alien insurer.        (2)    The trustee shall comply with the order until further order of the Commissioner.
MD. Insurance Code Ann. §  5-807 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 8 - Trusteed Assets of Alien Insurers|Section 5-807 - Substitution of Trustee

    Subject to the Commissioner’s approval, a new trustee may be substituted for the original trustee because of a vacancy or for other proper cause.
MD. Insurance Code Ann. §  5-902 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 9 - Reinsurance|Section 5-902 - Scope of Subtitle; Inconsistent Laws Superseded

    (a)    This subtitle does not apply to wet marine and transportation insurance.    (b)    All laws or parts of laws of the State that are inconsistent with this subtitle are superseded to the extent of the inconsistency.
MD. Insurance Code Ann. §  5-903 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 9 - Reinsurance|Section 5-903 - Credit for Reinsurance Allowed

    Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded if the reinsurer meets the requirements of this subtitle.
MD. Insurance Code Ann. §  5-904 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 9 - Reinsurance|Section 5-904 - Reinsurance Authorized

    (a)    Except as provided in §§ 3–124 and 3–125 of this article for bulk reinsurance, an insurer may reinsure all or part of a particular risk.    (b)    (1)    Credit shall be allowed under subsection (c), (d), or (e) of this section with respect to cessions of those kinds or classes of business that the assuming insurer is licensed or otherwise allowed to write or assume in its state of domicile or, in the case of a United States branch of an alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance.        (2)    Credit shall be allowed under subsection (e) or (f) of this section only if the applicable requirements of § 5–913 of this subtitle have been satisfied.    (c)    Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is licensed to transact insurance or reinsurance in this State.    (d)    Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is accredited by the Commissioner as a reinsurer in this State in accordance with § 5–906 of this subtitle.    (e)    Subject to the requirements of § 5–913 of this subtitle, credit shall be allowed when the reinsurance is ceded to an assuming insurer that maintains a trust fund meeting the requirements of § 5–907 of this subtitle in a qualified United States financial institution for the payment of the valid claims of its United States ceding insurers and their assigns and successors in interest.    (f)    Credit shall be allowed when the reinsurance is ceded to an assuming insurer that has been certified by the Commissioner as a reinsurer in this State in accordance with §§ 5–908 and 5–909 of this subtitle and secures its obligations in accordance with the requirements of § 5–911 of this subtitle.    (g)    Credit shall be allowed when the reinsurance is ceded to an assuming insurer not meeting the requirements of subsection (c), (d), (e), or (f) of this section, but only as to the insurance of risks located in jurisdictions where the reinsurance is required by the applicable law or regulation of that jurisdiction.