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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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INSURANCE |
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TITLE 5. ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS |
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SUBTITLE 10. LIMITATION OF RISK |
§ 5-1001. Definitions
Latest version.
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(a) In general. -- In this subtitle the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection is new language added as the standard introductory language to a definition section.
(b) Subject of insurance. -- "Subject of insurance" includes, as to insurance against fire and hazards other than windstorm, earthquake, or other catastrophe hazards, all properties that:
(1) are insured by the same insurer; and
(2) customarily are considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of the hazard insured against.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 48A, § 72(2).
** REVISOR'S NOTE
The former phrase "for the purposes of this section" is deleted as surplusage.
** DEFINED TERMS:
"Insurance" § 1-101
** DEFINED TERMS:
"Insurer" § 1-101
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(c) Surplus to policyholders. -- "Surplus to policyholders" means an insurer's capital, surplus, and voluntary reserves.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 48A, § 72(5), as it defined "surplus to policyholders".
REVISOR'S NOTE
The former phrase "for the purposes of this section" is deleted as surplusage.
REVISOR'S NOTE
The former reference to reserves "which are not required pursuant to law" is deleted as unnecessary in light of the reference to "voluntary" reserves.
DEFINED TERM:
"Insurer" § 1-101