Section 5-901 - Definitions. - Maryland Statutes

§ 5-901. Definitions.
 

(a)  In general.- In this subtitle the following words have the meanings indicated. 
   
Revisor's Note.

    This subsection is new language added as the standard introductory language to a definition section. 

(b)  Ceding insurer.- "Ceding insurer" means an insurer that procures insurance for itself from another insurer for all or part of an insurance risk. 
   
Revisor's Note.

    This subsection is new language added to provide an express definition of the term "ceding insurer". It is based on the reference to " 'ceding' insurer" in former Art. 48A, § 73, which defined the term "reinsurance" and is revised in § 1-101 of this article.
 

Defined Terms.

    "Insurance"                                                       § 1-101

    "Insurer"                                                         § 1-101

(c)  Reinsurer.- "Reinsurer" means an insurer from which a ceding insurer procures insurance for itself for all or part of an insurance risk. 
   
Revisor's Note.

    This subsection is new language added to provide an express definition of the term "reinsurer". It is based on the reference to " 'assuming' insurer" or "reinsurer" in former Art. 48A, § 73, which defined the term "reinsurance" and is revised in § 1-101 of this article.
 

Defined Terms.

    "Ceding insurer"                                                  § 5-901

    "Insurance"                                                       § 1-101

    "Insurer"                                                         § 1-101
 

[1995, ch. 36; 2003, ch. 119.]