§ 5-701
186 words·~1 min read·
/md/insurance/5-701A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–701.
(a)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)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)Deposits of government securities shall be registered, both as to principal and interest, in the name of the Treasurer as trustee.