Section 5-609 - Unlawfully acquired investments. - Maryland Statutes

§ 5-609. Unlawfully acquired investments.
 

(a)  Disposal required.- Each insurer shall dispose of any investments acquired in violation of the law in force on the date of acquisition of the investment. 

(b)  Deduction of ineligible investment.- In any determination of the financial condition of an insurer with investments acquired in violation of the law, the amount of the value of investments, if wholly ineligible, or the amount of the value of the investments in excess of any limitation prescribed by this subtitle, shall be deducted as a nonadmitted asset of the insurer. 
 

[An. Code 1957, art. 48A, § 107; 1995, ch. 36.]