MARVIN MANDEL, Governor

857

Insurance — Revocation of Insurers
Certificate of Authority

FOR the purpose of providing that under certain
circumstances a certain commissioner shall refuse to
issue or to renew or shall revoke or suspend an
insurer's certificate of authority.

BY repealing and reenacting, with amendments,

Article 48A — Insurance Code

Section 55(1)

Annotated Code of Maryland

(1972 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 55(1) of Article 48A - Insurance
Code, of the Annotated Code of Maryland (1972 Replacement
Volume and 1975 Supplement) be and it is hereby repealed
and reenacted, with amendments, to read as follows:

Article 48A — Insurance Code

55.

(1) The Commissioner shall refuse to issue or to
renew or shall revoke or suspend an insurer's certificate
of authority:

(i) If such action is required by any provision of
this article; or

(ii) If the insurer no longer meets the requirements
for the authority originally granted, on account of
deficiency in assets or otherwise; or

(iii) If the insurer is insolvent or fraudulently
conducted, or its assets are not sufficient for carrying
on the business of the insurer[.];OR

(IV)   IF THE INSURER FAILS TO PAY TAXES ON PREMIUMS
AS REQUIRED UNDER ARTICLE 81 OF THIS CODE; OR

(V)    IF THE INSURER WILFULLY FAILS TO FURNISH TO
THE COMMISSIONER REQUIRED INFORMATION RELATING TO ALL

MEDICAL MALPRACTICE ISSUED BY THE INSURER IN THIS STATE
OR ANY OTHER STATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.