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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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INSURANCE |
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TITLE 24. STATE CREATED MUTUAL SOCIETIES AND OTHER ENTITIES |
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SUBTITLE 1. LEGAL MUTUAL LIABILITY INSURANCE SOCIETY OF MARYLAND |
§ 24-108. Membership fees
Latest version.
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(a) Established. -- The directors of the Society shall establish a membership fee.
(b) Time of payment. -- A lawyer shall pay the membership fee when the lawyer applies to the Society for a policy.
(c) Refund or credit against premium prohibited; credit for tax. --
(1) The membership fee is not refundable and may not be credited against a premium payable to the Society for a policy.
(2) Each lawyer who paid the special one-time tax imposed by former Article 48A, § 570(b) of the Code shall be credited with the amount of the tax paid against the liability of the lawyer for the membership fee.
(d) Insurance authorized after payment. -- On payment of the membership fee, a lawyer may be insured by the Society for any and all hazards customarily insured by the Society, subject to any coverage limitations specified by the Society in accordance with policy limitations, exclusions, conditions, deductibles, and loss-sharing requirements.