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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 7. ADMINISTRATION OF DEPOSITS |
§ 5-701. Deposits of assets
Latest version.
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(a) In general. -- 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) Assets eligible for deposit. -- 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) Registration of government securities. -- Deposits of government securities shall be registered, both as to principal and interest, in the name of the Treasurer as trustee.