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Session Laws, 2005
Volume 752, Page 3230   View pdf image
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Ch. 568                                    2005 LAWS OF MARYLAND SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2005. Approved May 26, 2005.
CHAPTER 568
(House Bill 666) AN ACT concerning Insurance - Delinquency Proceedings Against Insolvent Insurers - Financial Contracts FOR the purpose of providing that a person may not be stayed or otherwise prohibited
from exercising certain rights under certain circumstances in certain
delinquency proceedings against certain insurers; requiring certain net or
settlement amounts due to an insurer subject to a certain delinquency
proceeding to be transferred to or on the order of the receiver for the insurer;
specifying the manner in which a receiver in a certain delinquency proceeding
must transfer certain netting agreements and qualified financial contracts;
requiring a receiver for an insurer to give notice to parties to certain netting
agreements and qualified financial contracts under certain circumstances;
prohibiting a receiver for an insurer from avoiding a transfer of certain money
or other property under certain circumstances; requiring a receiver to exercise
certain powers to disaffirm or repudiate certain netting agreements and
qualified financial contracts in a certain manner; providing that the rights of
counterparties under certain provisions of law apply to certain netting
agreements and qualified financial contracts; providing for the application of
this Act; defining certain terms; and generally relating to delinquency
proceedings against insolvent insurers. BY adding to Article - Insurance Section 9-229.1 Annotated Code of Maryland (2003 Replacement Volume and 2004 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows: Article - Insurance 9-229.1. (A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED. (2) "COMMODITY CONTRACT" MEANS: - 3230 -


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Session Laws, 2005
Volume 752, Page 3230   View pdf image
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