§ 16-116
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/md/insurance/16-116A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§16–116.
(a)In this section, “public entity” means:
(1)a political subdivision of the State;
(2)a unit of the State or a local government; or
(3)a nonprofit or nonstock corporation that:
(i)receives 50% or more of its annual operating budget from the State or a local government; and
(ii)is exempt from taxation under § 501(c)(3) or
(4)of the Internal Revenue Code.
(b)Public entities may pool together to purchase life insurance or to self-insure against life risks.