PARRIS N. GLENDENING, Governor

Ch. 36

(8)      WORKERS' COMPENSATION INSURANCE............................. $750,000

(9)      SURETY INSURANCE.................................................................... $750,000

(F)      SAME — TWO OR MORE KINDS OF INSURANCE BUSINESS.

TO QUALIFY FOR A CERTIFICATE OF AUTHORITY TO ENGAGE IN TWO OR
MORE KINDS OF INSURANCE BUSINESS, AN INSURER THAT STARTED BUSINESS IN
THE STATE ON OR AFTER JULY 1, 1991, MUST HAVE PAID-IN CAPITAL STOCK WITH A
FIXED NOMINAL OR PAR VALUE IN AN AMOUNT NOT LESS THAN $1,500,000.

(G)     BUSINESS STARTED ON OR AFTER JULY 1, 2001.

ON OR AFTER JULY 1, 2001, AN INSURER THAT QUALIFIED FOR A CERTIFICATE
OF AUTHORITY TO ENGAGE IN ANY KIND OF INSURANCE BUSINESS ON OR BEFORE
JUNE 30, 1991, MUST HAVE AND MAINTAIN PAID-IN CAPITAL STOCK WITH A FIXED
NOMINAL OR PAR VALUE IN AN AMOUNT NOT LESS THAN 150% OF THAT REQUIRED
OF AN INSURER AUTHORIZED TO START INSURANCE BUSINESS IN THE STATE ON
JUNE 30, 1991.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 48.

In subsections (a), (b), and (g) of this section, the phrase "on or before June
30" is substituted for the former phrases "prior to July 1" and "before July 1"
for clarity and to conform to comparable provisions in other revised articles of
the Code. Similarly, in subsections (c) and (d) of this section, the reference to
"June 30" is substituted for the former reference to "before July 1" to conform
to subsections (a), (b), and (g) of this section.

In the introductory language of subsections (b), (d), and (f) of this section, the
former phrases "stated in the schedule above" are deleted as surplusage.

Defined terms: "Annuity" § 1-101
"Casualty insurance" § 1-101
"Certificate of authority" § 1-101
"Health insurance" § 1-101
"Insurance" § 1-101
"Insurance business" § 1-101
"Insurer" § 1-101
"Life insurance" § 1-101
"Marine insurance" § 1-101
"Property insurance" § 1-101
"Surety insurance" § 1-101
"Title insurance" § 1-101
"Wet marine and transportation insurance" § 1-101

4-105. SURPLUS ASSETS OR FUNDS REQUIRED.

(A) INITIAL CERTIFICATE OF AUTHORITY.

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