reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  9-221 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 2 - Liquidation, Rehabilitation, Reorganization, and Conservation|Section 9-221 - Voidable Transfers

    (a)    A transfer of or lien on the property of an insurer is voidable if the transfer or lien is:        (1)    made or created within 4 months before the issuance of a show–cause order under this subtitle;        (2)    made or created with the intent to give a creditor a preference or to enable the creditor to obtain a greater percentage of the debt than another creditor of the same class; and        (3)    accepted by the creditor having reasonable cause to believe that the preference will occur.    (b)    Each director, officer, employee, stockholder, member, subscriber, and any other person acting on behalf of an insurer that is concerned in a voidable transfer under subsection (a) of this section and each person that, as a result of the voidable transfer, receives any property of the insurer or benefits from the voidable transfer:        (1)    is personally liable; and        (2)    shall account to the Commissioner.    (c)    The Commissioner as receiver in a delinquency proceeding may:        (1)    avoid a transfer of or lien on the property of an insurer that a creditor, stockholder, subscriber, or member of the insurer might have avoided; and        (2)    recover the transferred property or its value from the person that received it unless that person was a bona fide holder for value before the date of issuance of a show–cause order under this subtitle.
MD. Insurance Code Ann. §  9-222 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 2 - Liquidation, Rehabilitation, Reorganization, and Conservation|Section 9-222 - Deposits

    (a)    (1)    The Commissioner shall deposit money collected in a delinquency proceeding in a State or national bank, savings bank, or trust company.        (2)    Deposits made by the Commissioner under paragraph (1) of this subsection have priority of payment equal to any other priority specified by the banking laws of this State if the depository:            (i)    is an institution organized and supervised under the laws of this State; and            (ii)    becomes insolvent or liquidates voluntarily or involuntarily.        (3)    The Commissioner may deposit all or part of the money collected in a national bank or trust company as a trust fund.    (b)    To the extent that an investment or account is insured by the Federal Deposit Insurance Corporation, the Commissioner may invest in shares or deposits in a savings and loan association or building and loan association.
MD. Insurance Code Ann. §  9-223 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 2 - Liquidation, Rehabilitation, Reorganization, and Conservation|Section 9-223 - Limitations on Insurer Pending Repayment to Guaranty Associations

    Unless an insurer has repaid to all guaranty associations all payments of or on account of the contractual obligations of the insurer, including all expenses of and interest on the obligations, or unless a guaranty association has approved a plan of repayment by the insurer, an insurer subject to a delinquency proceeding may not:         (1)    be released from the delinquency proceeding unless it is converted into a judicial proceeding to rehabilitate or liquidate;        (2)    be allowed to solicit or accept new business;        (3)    be allowed to request or accept the restoration of a suspended or revoked license or certificate of authority; or        (4)    be returned, or have any of its assets returned, to the control of its stockholders or private management.
MD. Insurance Code Ann. §  9-224 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 2 - Liquidation, Rehabilitation, Reorganization, and Conservation|Section 9-224 - Disbursements of Assets to Guaranty Associations

    (a)    In this section, “association” means:        (1)    the Property and Casualty Insurance Guaranty Corporation;        (2)    the Life and Health Insurance Guaranty Corporation; or        (3)    a similar organization in another state.    (b)    Within 120 days after a court of the State makes a final determination that an insurer is an impaired insurer, the Commissioner as receiver shall apply to the court for approval of a proposal to disperse to the association entitled to disbursements unsecured assets out of the marshalled assets of the impaired insurer as those assets become available.    (c)    The proposal for disbursement at a minimum shall provide for:        (1)    adequate cash reserves for payment of expenses of administration and priority claims;        (2)    disbursements of the assets marshalled to date and subsequent disbursements of assets as they become available;        (3)    equitable allocation of disbursements to each of the associations that is entitled to disbursements; and        (4)    the securing by the Commissioner from each association entitled to disbursements under this section an agreement to return to the Commissioner any assets previously disbursed that may be required to pay:            (i)    claims of secured creditors; and            (ii)    claims that fall within the priorities specified in § 9-227(b) of this subtitle in accordance with those priorities.    (d)    An association may not be required to obtain a bond.    (e)    The proposal for disbursement shall require that disbursement be made to the association:        (1)    in an amount at least equal to the payments made or to be made by the association for which the association could assert claims against the Commissioner; and        (2)    in the amount of available assets, if the assets available for disbursement do not equal or exceed the amount of the payments made or to be made by the association.    (f)    (1)    Notice of the application for approval of the proposal for disbursement shall be given to the associations and insurance commissioners of each state.        (2)    Notice is deemed to have been given if sent by certified mail at least 30 days before submission of the application to the court.        (3)    The court may approve the proposal if:            (i)    the required notice has been given under this subsection; and            (ii)    the proposal complies with subsection (c)(1) and (4) of this section.
MD. Insurance Code Ann. §  9-229 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 2 - Liquidation, Rehabilitation, Reorganization, and Conservation|Section 9-229 - Offsets

    (a)    Except as provided in subsection (b) of this section, in all cases of mutual debts and credits between an insurer and another person in connection with a delinquency proceeding, the debts and credits shall be offset and the balance only shall be allowed or paid.    (b)    An offset may not be allowed in favor of another person if:        (1)    on the date of issuance of a liquidation order or otherwise, as specified in § 9-228(e) of this subtitle, the obligation of the insurer to the person would not entitle the person to share as a claimant in the assets of the insurer;        (2)    the obligation of the insurer to the person was purchased by or transferred to the person for use as an offset; or        (3)    the obligation of the person is to pay:            (i)    an assessment imposed on the members of a mutual insurer or the subscribers of a reciprocal insurer; or            (ii)    a balance on the subscription to the capital stock of a stock insurer.
MD. Insurance Code Ann. §  9-230 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 2 - Liquidation, Rehabilitation, Reorganization, and Conservation|Section 9-230 - Cooperation With Commissioner Required; Penalties

    (a)    This section may not be construed to abridge otherwise existing legal rights, including the right to resist a petition for liquidation, other delinquency proceedings, or other orders.    (b)    In a delinquency proceeding or in an investigation preliminary to the delinquency proceeding, an officer, manager, director, trustee, owner, employee, or agent of an insurer, another person with authority over any part of the affairs of the insurer, or a person that exercises control directly or indirectly over an activity of the insurer through a holding company or other affiliate of the insurer shall:        (1)    reply promptly in writing to an inquiry from the Commissioner in which the Commissioner requests a written reply;        (2)    make available to the Commissioner any accounts, books, documents, information, records, or property of or relating to the insurer that is in the control, custody, or possession of the person; and        (3)    otherwise cooperate with the Commissioner.    (c)    A person may not obstruct or interfere with the Commissioner in the conduct of a delinquency proceeding or in an investigation preliminary or incidental to the delinquency proceeding.    (d)    An officer, manager, director, trustee, owner, employee, or agent of an insurer, another person with authority over any part of the affairs of the insurer, or a person that exercises control directly or indirectly over an activity of the insurer through a holding company or other affiliate of the insurer may not fail to cooperate with the Commissioner under subsection (b) of this section, obstruct or interfere with the Commissioner in the conduct of a delinquency proceeding or in an investigation preliminary or incidental to a delinquency proceeding, or violate an order of the Commissioner issued under this subtitle.    (e)    (1)    A person that violates subsection (d) of this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $10,000 or imprisonment not exceeding 1 year or both.        (2)    After a hearing before the Commissioner, a person that violates subsection (d) of this section is subject to a civil penalty not exceeding $10,000 and to the revocation or suspension of any insurance license issued by the Commissioner.
MD. Insurance Code Ann. §  9-231 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 2 - Liquidation, Rehabilitation, Reorganization, and Conservation|Section 9-231 - Notice of Impairment Required; Contributing to Impairment Prohibited; Penalties

    (a)    In this section, “chief executive officer” means a person charged by the board of directors or trustees of an insurer to administer and implement policies and procedures of the insurer.    (b)    The provisions of this section that apply to insurers also apply to:        (1)    a corporation that operates a nonprofit health service plan under Title 14, Subtitle 1 of this article;        (2)    a dental plan organization, as defined in § 14-401 of this article;        (3)    a surplus lines insurer; and        (4)    a health maintenance organization.    (c)    (1)    A chief executive officer shall immediately provide the Commissioner and all members of the board of directors or the trustees of an insurer with written notice that the insurer is an impaired insurer, if the chief executive officer:            (i)    knows that the insurer is an impaired insurer; and            (ii)    for a period of 60 days, has been unable to remedy the impairment.        (2)    A director, officer, or trustee of an insurer who knows that the insurer is an impaired insurer shall immediately notify the chief executive officer of the impairment.    (d)    Notice provided to the Commissioner under this section has the confidentiality specified in § 7-106 of this article.    (e)    If a person knows that the action will result in or contribute to an insurer becoming an impaired insurer, the person may not:        (1)    conceal property that belongs to the insurer;        (2)    transfer or conceal property of the person or property that belongs to the insurer in contemplation of a delinquency proceeding;        (3)    conceal, destroy, mutilate, alter, or falsify a document that relates to the property of the insurer;        (4)    withhold a document from a receiver, trustee, or other officer of the court entitled to its possession under this subtitle; or        (5)    give, obtain, or receive anything of value for acting or forbearing to act in a delinquency proceeding.    (f)    (1)    In addition to any other applicable penalty provided in this article, a person that violates subsection (e) of this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $50,000 or imprisonment not exceeding 3 years or both.        (2)    In addition to any other applicable penalty provided in this article, a person that violates subsection (c) of this section is subject to a civil penalty not exceeding $50,000.    (g)    The Commissioner may issue a cease and desist order in accordance with § 27-103 of this article against a person that violates subsection (c) or subsection (e) of this section.
MD. Insurance Code Ann. §  9-232 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 2 - Liquidation, Rehabilitation, Reorganization, and Conservation|Section 9-232 - Receipt of Premium After Insolvency

    A director or officer of an insurer, association, or fraternal benefit society that receives a premium or assessment on behalf of the insurer, association, or fraternal benefit society and, at the time of receipt, knows that the insurer, association, or fraternal benefit society is insolvent is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $500 or imprisonment not exceeding 6 months or both.
MD. Insurance Code Ann. §  9-302 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 3 - Property and Casualty Insurance Guaranty Corporation|Section 9-302 - Purposes of Subtitle

    The purposes of this subtitle are:         (1)    to provide a mechanism for the prompt payment of covered claims under certain policies and to avoid financial loss to residents of the State who are claimants or policyholders of an insolvent insurer; and        (2)    to provide for the assessment of the cost of payments of covered claims and protection among insurers.
MD. Insurance Code Ann. §  9-303 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 3 - Property and Casualty Insurance Guaranty Corporation|Section 9-303 - Scope of Subtitle

    This subtitle applies to all kinds of direct insurance, except:         (1)    life insurance;        (2)    health insurance;        (3)    mortgage guaranty insurance;        (4)    annuities;        (5)    insurance written on a surplus lines basis under Title 3, Subtitle 3 of this article;        (6)    insurance written by a risk retention group; and        (7)    insurance written by an unauthorized insurer.
MD. Insurance Code Ann. §  9-304 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 3 - Property and Casualty Insurance Guaranty Corporation|Section 9-304 - Corporation Established; Membership; Plan of Operation; Accounts; Status

    (a)    (1)    There is a Property and Casualty Insurance Guaranty Corporation.        (2)    The Corporation is a private, nonprofit, nonstock corporation.    (b)    As a condition of its authority to transact insurance business in the State, each member insurer must be and remain a member of the Corporation.    (c)    The Corporation shall:        (1)    perform its functions in accordance with a plan of operation established and approved under § 9–307 of this subtitle; and        (2)    exercise its powers through a Board of Directors established under § 9–305 of this subtitle.    (d)    For administration and assessment purposes, the Corporation shall be divided into the following four separate accounts:        (1)    the title insurance account;        (2)    the motor vehicle insurance account;        (3)    the workers’ compensation account; and        (4)    the account for all other insurance to which this subtitle applies.    (e)    Except as otherwise provided in this subtitle, the Corporation has perpetual existence and the powers, privileges, and immunities granted by the applicable provisions of the Corporations and Associations Article.    (f)    (1)    The Corporation is not and may not be deemed a department, unit, agency, or instrumentality of the State for any purpose.        (2)    All debts, claims, obligations, and liabilities of the Corporation, whenever incurred, shall be the debts, claims, obligations, and liabilities of the Corporation only and not of the State or the State’s agencies, instrumentalities, officers, or employees.    (g)    (1)    The money of the Corporation is not part of the General Fund of the State.        (2)    The State may not budget for or provide General Fund appropriations to the Corporation.        (3)    The debts, claims, obligations, and liabilities of the Corporation are not a debt of the State or a pledge of the credit of the State.
MD. Insurance Code Ann. §  9-305 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 3 - Property and Casualty Insurance Guaranty Corporation|Section 9-305 - Board of Directors

    (a)    (1)    The Board of Directors of the Corporation consists of at least five members but not more than nine members.        (2)    The members of the Board shall be elected from among the member insurers.        (3)    The terms of the members of the Board shall be as set by the plan of operation.        (4)    A vacancy on the Board shall be filled for the remainder of the term by a majority vote of the remaining members of the Board.    (b)    (1)    The Board of Directors shall elect a chairman from among its members and appoint three of its members to be an executive committee.        (2)    The Board may elect other officers.    (c)    When electing members of the Board of Directors or filling vacancies on the Board, consideration shall be given to, among other things, whether all member insurers are fairly represented.    (d)    A member of the Board of Directors may be reimbursed by the Corporation for expenses incurred in carrying out duties as a member of the Board.
MD. Insurance Code Ann. §  9-308 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 3 - Property and Casualty Insurance Guaranty Corporation|Section 9-308 - Duties and Powers of Commissioner; Judicial Review

    (a)    The Commissioner:        (1)    shall notify the Corporation of the existence of an insolvent insurer not later than 3 days after the Commissioner receives notice of the determination of insolvency; and        (2)    on request of the Board of Directors, shall provide the Corporation with a statement of the net direct written premiums of each member insurer.    (b)    (1)    (i)    The Commissioner may require that the Corporation notify each insured, or each principal and specific obligee named in a surety bond, of each insolvent insurer and any other known interested party of the determination of insolvency and of their rights under this subtitle.            (ii)    The notification required under subparagraph (i) of this paragraph may be by mail at the last known address of the interested party, but if sufficient information for notification by mail is not available, notification by publication in a newspaper of general circulation is sufficient.        (2)    The Commissioner:            (i)    after notice and hearing, may suspend or revoke the certificate of authority of a member insurer that fails to pay an assessment when due or fails to comply with the plan of operation; or            (ii)    subject to paragraph (3) of this subsection, may impose a penalty on a member insurer that fails to pay an assessment when due.        (3)    A penalty imposed under paragraph (2)(ii) of this subsection may not exceed 5% of the unpaid assessment per month and may not be less than $100 per month.        (4)    If the Commissioner determines that claims are being handled unsatisfactorily, the Commissioner may revoke the designation of a person as a servicing facility.    (c)    A final action or order of the Commissioner under this subtitle is subject to judicial review.
MD. Insurance Code Ann. §  9-309 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 3 - Property and Casualty Insurance Guaranty Corporation|Section 9-309 - Effect of Payment of Claims by Corporation; Statements of Claims; Subrogation

    (a)    (1)    A person recovering from the Corporation under this subtitle is deemed to have assigned to the Corporation the person’s rights under the policy to the extent of the person’s recovery from the Corporation.        (2)    Each insured or claimant seeking the protection of this subtitle shall cooperate with the Corporation to the same extent as the insured or claimant would have been required to cooperate with the insolvent insurer.        (3)    The Corporation does not have a cause of action against the insured of the insolvent insurer for any sum the Corporation has paid out except for a cause of action that the insolvent insurer would have had if the sum had been paid by the insolvent insurer.        (4)    Payment of a claim of the Corporation does not operate to reduce the liability of an insured to the receiver, liquidator, or statutory successor for an unpaid assessment of an insolvent insurer operating on a plan with assessment liability.    (b)    (1)    The receiver, liquidator, or statutory successor of an insolvent insurer is bound by the settlement of a covered claim by the Corporation or its representatives.        (2)    The court having jurisdiction shall grant a covered claim priority equal to that to which the claimant would have been entitled in the absence of this subtitle against the assets of the insolvent insurer.        (3)    The court having jurisdiction shall grant the expenses of the Corporation or similar organization in handling claims the same priority as the liquidator’s expenses.    (c)    (1)    The Corporation periodically shall file with the receiver or liquidator of the insolvent insurer:            (i)    statements of the covered claims paid by the Corporation; and            (ii)    estimates of anticipated claims on the Corporation.        (2)    The statements and estimates filed under paragraph (1) of this subsection shall preserve the rights of the Corporation against the assets of the insolvent insurer.    (d)    An insurer may not assert a claim of subrogation against an insured of an insolvent insurer, but may assert a claim against the receiver of the insolvent insurer.
MD. Insurance Code Ann. §  9-310 (2021)
2021 Maryland Statutes|Insurance|Title 9 - Impaired Entities|Subtitle 3 - Property and Casualty Insurance Guaranty Corporation|Section 9-310 - Exhaustion of Rights; Priority and Nonduplication of Recovery

    (a)    (1)    A person with a claim against an insurer under a policy or surety bond that is also a covered claim against an insolvent insurer shall exhaust first the person’s rights under the policy or surety bond.        (2)    The amount payable on a covered claim under this subtitle shall be reduced by the amount of any recovery under the policy or surety bond.    (b)    (1)    Except as provided in paragraph (2) of this subsection, a person with a claim that may be recovered under more than one insurance guaranty corporation or its equivalent shall seek recovery first:            (i)    if the claim is a first party claim for damage to property with a permanent location, from the corporation or its equivalent of the location of the property; and            (ii)    if the claim is any other claim, from the corporation or its equivalent of the residence of the insured.        (2)    A person with a claim under a surety bond that may be recovered under more than one insurance guaranty corporation or its equivalent shall seek recovery first from the corporation or its equivalent of the place of performance of the obligation described in the surety bond.    (c)    A recovery under this subtitle shall be reduced by the amount of recovery from any other insurance guaranty corporation or its equivalent.