Ch. 29

LAWS OF MARYLAND

2. Was offered before October 27, 1986 by
any risk retention group which had been chartered and operating
for not less than 3 years prior to that date;

(III) THE RISK RETENTION GROUP SHALL SUBMIT A
COPY OF ANY REVISIONS TO ITS PLAN OF OPERATION OR FEASIBILITY
STUDY REQUIRED BY § 618 OF THIS SUBTITLE AT THE SAME TIME THAT
SUCH REVISION IS SUBMITTED TO THE COMMISSIONER OF ITS CHARTERING
STATE;

(3)  A statement of registration FOR WHICH THE
COMMISSIONER SHALL DETERMINE A FILING FEE, designating the
Commissioner as its agent for the purpose of receiving service of
legal documents or process;

(4)  A copy of the group's financial statement
submitted to [its state of domicile] THE STATE IN WHICH THE GROUP
IS CHARTERED AND LICENSED, which shall be certified by an
independent public accountant and contain a statement of opinion
on loss and loss adjustment expense reserves made by a member of
the American Academy of Actuaries or a qualified loss reserve
specialist[, under criteria established by the National
Association of Insurance Commissioners];

(5)  A copy of each examination of the risk retention
group as certified by the Commissioner or public official
conducting the examination;

(6)  Upon request of the Commissioner, a copy of any
INFORMATION OR DOCUMENT PERTAINING TO ANY OUTSIDE audit performed
with respect to the risk retention group; and

(7)  Any other information as the Commissioner may
require in order to verify its continuing qualification as a risk
retention group under § 617(k) of this subtitle.

(b) (1) All premiums paid within this State to risk
retention groups CHARTERED IN A STATE OTHER THAN THIS STATE for
coverages shall be subject to taxation at the same rate and shall
be subject to the same interest, fines, and penalties for
nonpayment as are foreign admitted insurers.

(2) EACH RISK RETENTION GROUP SUBJECT TO THIS
SUBSECTION SHALL BE LIABLE FOR THE PAYMENT OF PREMIUM TAXES AND
TAXES ON PREMIUMS OF DIRECT BUSINESS FOR RISKS RESIDENT OR
LOCATED WITHIN THIS STATE.

[(2)] (3) In any instance in which agents or brokers
are utilized, the agents or brokers shall report [and pay the
taxes for] TO THE COMMISSIONER the premium for risks which they
have placed with or on behalf of a risk retention group.

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