Section 5-701 - Deposits of assets. - Maryland Statutes

§ 5-701. Deposits of assets.
 

(a)  In general.- 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)  Assets eligible for deposit.- 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)  Registration of government securities.- Deposits of government securities shall be registered, both as to principal and interest, in the name of the Treasurer as trustee. 
 

[An. Code 1957, art. 48A, §§ 107, 108, 110, 113; 1995, ch. 36; 1997, ch. 70, § 1.]