Section 5-805 - Trusteed assets. - Maryland Statutes

§ 5-805. Trusteed assets.
 

(a)  Title vested in trustee and successor.-  

(1) For purposes of the trust deposit, title to the trusteed assets is vested in the trustee and its successor. 

(2) The trust agreement shall provide that title to the trusteed assets be vested as described in paragraph (1) of this subsection. 

(b)  To be kept separate.- The trustee shall: 

(1) keep the trusteed assets separate from other assets; and 

(2) maintain a record of the trusteed assets sufficient to identify the trusteed assets at all times. 

(c)  Statement of character and amount.-  

(1) On written request of the Commissioner, the trustee shall file with the Commissioner statements, in the form required by the Commissioner, certifying the character and amount of the trusteed assets. 

(2) If the trustee after a reasonable time fails to file a statement requested by the Commissioner under paragraph (1) of this subsection, the Commissioner may suspend or revoke the certificate of authority of the alien insurer that deposited the trusteed assets. 

(d)  Examination.- The Commissioner may examine the trusteed assets of an alien insurer at any time in accordance with the conditions and procedures that govern the examination of insurers in general under Title 2 of this article. 
 

[An. Code 1957, art. 48A, §§ 126-129; 1995, ch. 36.]