 |
Unannotated Code of Maryland (Last Updated: May 16, 2014) |
 |
INSURANCE |
|
TITLE 24. STATE CREATED MUTUAL SOCIETIES AND OTHER ENTITIES |
|
SUBTITLE 2. MEDICAL MUTUAL LIABILITY INSURANCE SOCIETY OF MARYLAND |
§ 24-210. Subsidiaries
Latest version.
-
(a) In general. -- Notwithstanding any other provision of this subtitle, the Society may establish, own, or control a subsidiary for any business purpose.
(b) Applicability of subtitle. -- A subsidiary that is established, owned, or controlled by the Society is not subject to this subtitle.
(c) Independent from State. --
(1) A subsidiary of the Society is not and may not be deemed a department, unit, agency, or instrumentality of the State for any purpose.
(2) The State may not be held in any way liable or responsible for any of the debts, claims, obligations, or liabilities of a subsidiary of the Society or the Society.
(d) Capitalizing subsidiaries. -- Without the prior approval of the Board of Directors, including at least 80% of the physician members of the Board of Directors, the Society may not directly or indirectly capitalize, transfer moneys to, or purchase stock in an insurance subsidiary beyond the $ 3,250,000 used by the Society before December 31, 1989, to capitalize the insurance subsidiaries.