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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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INSURANCE |
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TITLE 8. ENTITIES THAT ACT AS INSURERS |
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SUBTITLE 1. BROKER CONTROLLED BUSINESS |
§ 8-101. 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 formerly was Art. 48A, § 661(a).
** REVISOR'S NOTE
The only changes are in style.
(b) Control; controlling; controlled by; under common control with. -- "Control", "controlling", "controlled by", or "under common control with" means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, through ownership of voting securities or of securities convertible into voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, whether or not the power is exercised or sought to be exercised.
** SPECIAL REVISOR'S NOTE
Chapter 57, Acts of 1997, added this subsection, which was new language derived without substantive change from the first sentence of former Art. 48A, § 661(c).
** DEFINED TERMS:
"Person" § 1-101
(c) Controlled insurer. -- "Controlled insurer" means an insurer that is under the control of a controlling insurance producer.
** REVISOR'S NOTE
This subsection is new language added to avoid repetition of phrases such as "insurer that is under the control of a controlling broker".
** DEFINED TERMS:
"Control" § 8-101
** DEFINED TERMS:
"Controlling broker" § 8-101
** DEFINED TERMS:
"Insurer" § 1-101
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(d) Controlling insurance producer. -- "Controlling insurance producer" means an insurance producer that has control of a controlled insurer.
REVISOR'S NOTE
This subsection is new language added to avoid repetition of phrases such as "broker who has control of a controlled insurer".
"Broker" § 1-101
"Control" § 8-101
"Controlled insurer" § 8-101