|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 515
|
|
2006 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) [(1) A director, officer, or member of a mutual insurer or any other person
may lend or advance to the mutual insurer any money necessary to enable it to
comply with a surplus requirement or any other requirement of law.
(2) Subject to the approval of the Commissioner, a loan or advance under
this subsection and any interest on it as may have been agreed on is payable only out
of the insurer's realized earned surplus in excess of its minimum required surplus.
(3) A loan or advance under this subsection is not otherwise a liability or
claim against the mutual insurer or any of its assets.
(c)] (1) PROCEEDS OF A LOAN OR ADVANCE UNDER THIS SECTION SHALL RE
IN THE FORM OF CASH OR OTHER ADMITTED ASSETS HAVING READILY
DETERMINABLE VALUES AND LIQUIDITY SATISFACTORY TO THE COMMISSIONER.
(2) In each annual statement, a stock insurer or mutual insurer shall
report the amount of each loan or advance made under this section.
[(d)] (C) If a loan or advance is made to a stock insurer or mutual insurer
under a notice of deficiency made by the Commissioner under § 3-109 of this subtitle,
the loan or advance may not be repaid or withdrawn without the express written
consent of the Commissioner.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2006.
Enacted May 26, 2006.
|
|
|
|
|
|
|
|
|
|
CHAPTER 515
(Senate Bill 287)
AN ACT concerning
Baltimore City - Orphans' Court Judges - Retirement Allowances
FOR the purpose of increasing to a certain amount the annual retirement allowances
of the associate judges and the Chief Judge of the Orphans' Court for Baltimore
City; providing that this Act does not apply to the salaries or compensation of
the incumbent associate judges and the Chief Judge of the Orphans' Court for
Baltimore City; and generally relating to the annual retirement allowances of
the associate judges and the Chief Judge of the Orphans' Court for Baltimore
City.
BY repealing and reenacting, with amendments,
Article - Estates and Trusts
Section 2-108(d)
Annotated Code of Maryland
(2001 Replacement Volume and 2005 Supplement)
- 2570 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
