§ 26-202
96 words·~1 min read·
/md/insurance/26-202A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§26–202.
(a)To qualify for a license to engage in the business of a motor club, a motor club with capital stock must have and maintain:
(1)paid-in capital stock with a fixed nominal or par value in an amount not less than $5,000; and
(2)surplus in an amount not less than $10,000.
(b)A motor club formed under the laws of the State without paid-in capital stock shall have and maintain unencumbered assets, in addition to required reserves and other liabilities, in an amount equal to that required under subsection
(a)of this section.