Ch. 29

LAWS OF MARYLAND

(8) The name of which includes the phrase "risk
retention group".

618.

(a)  A risk retention group seeking to be chartered in this
State shall:

(1)  Be chartered and licensed as a [liability]
CASUALTY insurance company in conformance with all insurance laws
and regulations of this State; and

(2)  Except as provided elsewhere in this subtitle,
shall comply with all of the laws, rules, regulations, and
requirements applicable to such insurers chartered and licensed
in this State, AND WITH THE REQUIREMENTS OF § 619 OF THIS
SUBTITLE, to the extent such requirements are not a limitation on
the laws, rules, regulations, or requirements of this State.

(b)  (1) Before it may offer insurance in any state, each
risk retention group shall submit A PLAN OF OPERATION OR
FEASIBILITY STUDY to the Commissioner for approval[:

(1)  A plan of operation or feasibility study; and

(2)  Revisions of the plan of operation or feasibility
study if the group intends to offer any additional lines of
liability insurance].

(2)  IN THE EVENT OF ANY SUBSEQUENT CHANGE IN ANY ITEM
OF THE PLAN OF OPERATION OR FEASIBILITY STUDY, THE RISK RETENTION
GROUP SHALL SUBMIT AN APPROPRIATE REVISION OF THE PLAN OR STUDY
TO THE COMMISSIONER WITHIN 10 DAYS OF THE CHANGE.

(3)  A RISK RETENTION GROUP MAY NOT OFFER ANY
ADDITIONAL LINES OF LIABILITY INSURANCE, IN THIS STATE OR IN ANY
OTHER STATE, UNTIL A REVISION OF THE PLAN OR STUDY IS APPROVED BY
THE COMMISSIONER.

(c)   [Immediately upon receipt of an application for
charter, the Commissioner shall provide summary information
concerning the filing to the National Association of Insurance
Commissioners. The information shall include:] AT THE TIME OF
FILING ITS APPLICATION FOR CHARTER, A RISK RETENTION GROUP SHALL
PROVIDE THE FOLLOWING INFORMATION TO THE COMMISSIONER:

(1)  The name of the risk retention group;

(2)  The identity of the initial members of the group;

(3)  The identity of the individuals who organized the
group, or who will provide administrative services or otherwise
influence or control the activities of the group;

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