Ch. 339                                        1995 LAWS OF MARYLAND

(B)     (1) THE COMMISSIONER MAY REQUIRE A FOREIGN INSURER TO FILE
AN RBC PLAN WITH THE COMMISSIONER IN THE EVENT OF A COMPANY ACTION
LEVEL EVENT, REGULATORY ACTION LEVEL EVENT, OR AUTHORIZED CONTROL
LEVEL EVENT WITH RESPECT TO THE FOREIGN INSURER:

(I) UNDER THE RISK BASED CAPITAL STATUTE OF THE FOREIGN
INSURER'S STATE OF DOMICILE IF THE INSURANCE COMMISSIONER OF THAT STATE
FAILS TO REQUIRE THE FOREIGN INSURER TO FILE AN RBC PLAN IN ACCORDANCE
WITH THAT STATE'S RISK BASED CAPITAL STATUTE; OR

(II) UNDER THIS SUBTITLE IF THERE IS NO RISK BASED CAPITAL
STATUTE IN FORCE IN THE FOREIGN INSURER'S STATE OF DOMICILE.

(2) IF THE FOREIGN INSURER FAILS TO FILE AN RBC PLAN WITH THE
COMMISSIONER UNDER THIS SUBSECTION. THE COMMISSIONER MAY ORDER THE
FOREIGN INSURER TO CEASE AND DESIST FROM WRITING NEW INSURANCE
BUSINESS IN THIS STATE.

(C)     IF A MANDATORY CONTROL LEVEL EVENT OCCURS WITH RESPECT TO A
FOREIGN INSURER AND A DOMICILIARY RECEIVER HAS NOT BEEN APPOINTED
WITH RESPECT TO THAT FOREIGN INSURER UNDER THE REHABILITATION AND
LIQUIDATION STATUTE APPLICABLE IN THE FOREIGN INSURER'S STATE OF
DOMICILE, THE COMMISSIONER MAY FILE AN ACTION IN THE CIRCUIT COURT OF
BALTIMORE CITY UNDER TITLE 9 OF THIS ARTICLE TO SEEK THE LIQUIDATION OF
ANY PROPERTY OF THE FOREIGN INSURER FOUND IN THE STATE.

4-313.

THERE IS NO LIABILITY ON THE PART OF, AND NO CAUSE OF ACTION ARISES
AGAINST, THE COMMISSIONER OR THE ADMINISTRATION OR ITS EMPLOYEES OR
AGENTS FOR ANY ACTION TAKEN BY THEM IN THE PERFORMANCE OF THEIR
POWERS AND DUTIES UNDER THIS SUBTITLE.

4-314.

ALL NOTICES BY THE COMMISSIONER TO AN INSURER THAT MAY RESULT IN
REGULATORY ACTION UNDER THIS SUBTITLE SHALL BE EFFECTIVE:

(1)      IF TRANSMITTED BY REGISTERED OR CERTIFIED MAIL, ON THE
DATE OF MAILING; OR

(2)      IF TRANSMITTED BY ANY OTHER MEANS, ON THE DATE OF RECEIPT
OF NOTICE BY THE INSURER.

SECTION 2. 3. AND BE IT FURTHER ENACTED, That if any provision of this
Act or the application thereof to any person or circumstance is held invalid for any reason
in a court of competent jurisdiction, the invalidity does not affect other provisions or any
other application of this Act which can be given effect without the invalid provision or
application, and for this purpose the provisions of this Act are declared severable.

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