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Session Laws, 1963
Volume 671, Page 1128   View pdf image (33K)
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1130                            LAWS OF MARYLAND                       [CH. 553

(b)   In addition to the surplus requirements of subsection (a)
above, reciprocal insurers shall maintain a special surplus of not
less than the amount required by section 49, if writing nonassessable
policies, and section 253, if writing assessable policies.

(c)   A reciprocal insurer may be authorized to engage in addi-
tional kinds of insurance business if it has otherwise complied with
the provisions of this article and possesses and maintains surplus
funds in amount equal to the minimum capital stock and surplus
required of a stock insurer for authority to engage in a like combi-
nation of kinds of the insurance business.

(d)   Reciprocal insurers shall be subject to the deposit require-
ments of section 50, if authorized to write nonassessable policies and
section 253, if authorized to write assessable policies.

283. Organization of Reciprocal Insurer.

(a)   Twenty-five (25) or more persons domiciled in this State may
organize a domestic reciprocal insurer and make application to the
Commissioner for a certificate of authority to engage in the insur-
ance business as a reciprocal insurer.

(b)   The proposed attorney shall fulfill the requirements of and
shall execute and file with the Commissioner when applying for a
certificate of authority, a declaration setting forth:

(1)   The name of the insurer;

(2)   The location of the insurer's principal office and of the office
or offices from which policies are to be issued;

(3)   The kind or kinds of insurance business in which the recipro-
cal proposes to engage.

(4)   A power of attorney appointing the Commissioner as agent
for service of process as provided by section 57.

(5)   The names and addresses of the original subscribers;

(6)   The designation and appointment of the proposed attorney
and a copy of the power of attorney;

(7)   The names and addresses of the officers and directors of the
attorney, if a corporation, or its members, if a firm;

(8)   The powers of the subscribers' advisory committee; and the
names and terms of office of the members thereof;

(9)   That all moneys paid to the reciprocal shall, after deducting
therefrom any sum payable to the attorney, be held in the name of
the insurer and for the purposes specified in the subscribers' agree-

(10)   A copy of the subscribers' agreement;

(11)   A statement that each of the original subscribers has in
good faith applied for insurance of a kind in which the insurer pro-
poses to engage, and that the insurer has received from each such
subscriber the full premium or premium deposit required for the
policy applied for, for a term of not less than six (6) months at an
adequate rate theretofore filed with and approved by the Com-
missioner ;


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Session Laws, 1963
Volume 671, Page 1128   View pdf image (33K)
 Jump to  

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