PARRIS N. GLENDENING, Governor

Ch. 36

Subsection (c)(3) of this section is new language added to provide a
convenient cross-reference to the provision on renewal fees.

Also in subsection (c)(3) of this section, the reference to the fee for renewal of
"certificates of authority of insurers required by § 2-112 of this article" is
substituted for the former reference to the fee "provided for in [former] § 41"
for clarity and to conform to administrative practice.

Subsection (d)(1) of this section is standard language added to state expressly
that which only was implied in the former law, i.e., the Commissioner has a
duty to renew the certificate of authority of a qualified holder.

Defined terms: "Certificate of authority" § 1-101
"Commissioner" § 1-101
"Insurer" § 1-101
"Society" § 8-401

8-424. FOREIGN OR ALIEN SOCIETIES.

(A)     CERTIFICATE OF AUTHORITY REQUIRED.

A FOREIGN OR ALIEN SOCIETY MAY NOT TRANSACT INSURANCE BUSINESS IN
THE STATE UNLESS THE SOCIETY HAS A CERTIFICATE OF AUTHORITY ISSUED BY
THE COMMISSIONER.

(B)     QUALIFICATIONS.

A FOREIGN OR ALIEN SOCIETY THAT DESIRES TO TRANSACT INSURANCE
BUSINESS IN THE STATE MUST HAVE THE QUALIFICATIONS REQUIRED OF DOMESTIC
SOCIETIES ORGANIZED UNDER THIS SUBTITLE.

(C)     FILING REQUIREMENTS.

A FOREIGN OR ALIEN SOCIETY MAY BE AUTHORIZED TO TRANSACT
INSURANCE BUSINESS IN THE STATE IF THE SOCIETY:

(1)      SHOWS THAT ITS ASSETS ARE INVESTED IN ACCORDANCE WITH THIS
SUBTITLE; AND

(2)      FILES WITH THE COMMISSIONER:

(I)      A CERTIFIED COPY OF ITS CHARTER OR ARTICLES OF
INCORPORATION;

(II)     A COPY OF ITS CONSTITUTION AND LAWS, CERTIFIED BY ITS
SECRETARY OR EQUIVALENT OFFICER;

SUBTITLE;
IS:

(III)   A POWER OF ATTORNEY AS REQUIRED BY § 8-407 OF THIS

(IV)    A STATEMENT OF THE SOCIETY'S INSURANCE BUSINESS THAT

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