PARRIS N. GLENDENING, Governor

Ch. 36

THE COMMISSIONER MAY EXAMINE THE TRUSTEED ASSETS OF AN ALIEN
INSURER AT ANY TIME IN ACCORDANCE WITH THE CONDITIONS AND PROCEDURES
THAT GOVERN THE EXAMINATION OF INSURERS IN GENERAL UNDER TITLE 2 OF
THIS ARTICLE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, §§ 126, 127, 128, and 129.

In subsection (a)(1) of this section, the former reference to "trustees" is
deleted as surplusage.

In subsection (c)(1) of this section, the reference to the form "required" by
the Commissioner is substituted for the former reference to the form that the
Commissioner may "designate" for accuracy.

Also in subsection (c)(1) of this section, the former phrase "from time to
time" is deleted as surplusage.

In subsections (c)(2) and (d) of this section, the references to an "alien"
insurer are added to clarify that this subtitle relates to trusteed assets of alien
insurers.

In subsection (c)(2) of this section, the reference to the alien insurer "that
deposited the trusteed assets" is added to clarify which alien insurer may have
its certificate of authority suspended or revoked.

Defined terms: "Alien insurer" § 1-101
"Certificate of authority" § 1-101
"Commissioner" § 1-101
"Insurer" § 1-101
"Trusteed assets" § 5-801

5-806. WITHDRAWAL OF ASSETS.

(A)     AUTHORIZATION OF COMMISSIONER REQUIRED.

EXCEPT AS OTHERWISE PROVIDED IN SUBSECTIONS (B) THROUGH (E) OF THIS
SECTION, THE TRUST AGREEMENT SHALL PROVIDE IN SUBSTANCE THAT AN ALIEN
INSURER MAY NOT MAKE, AND THE TRUSTEE MAY NOT ALLOW, WITHDRAWALS OF
TRUSTEED ASSETS WITHOUT ADVANCE WRITTEN AUTHORIZATION OF THE
COMMISSIONER.

(B)     EXCEPTION — PAYMENT TO UNITED STATES MANAGER.

THE TRUST AGREEMENT MAY PROVIDE THAT, ON REQUEST OF AN ALIEN
INSURER OR THE UNITED STATES MANAGER OF THE ALIEN INSURER, ALL OR PART
OF THE INCOME, EARNINGS, DIVIDENDS, OR INTEREST ACCUMULATIONS OF THE
TRUSTEED ASSETS MAY BE PAID TO THAT MANAGER.

(C)     SAME — SUBSTITUTION OF ASSETS.

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