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Session Laws, 1996
Volume 794, Page 256   View pdf image
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Ch. 11                                          1996 LAWS OF MARYLAND

(IV) OTHER ILLEGAL CONDUCT IN, BY, OR WITH RESPECT TO THE
INSURER;

(14)    IS CONTROLLED DIRECTLY OR INDIRECTLY BY A PERSON THAT THE
COMMISSIONER FINDS TO BE UNTRUSTWORTHY; OR

(15)    HAS FAILED TO FILE A FINANCIAL REPORT REQUIRED BY LAW
WITHIN THE TIME ALLOWED BY LAW AND, AFTER WRITTEN DEMAND BY THE
COMMISSIONER, HAS FAILED TO GIVE AN IMMEDIATE ADEQUATE EXPLANATION.

(B)     LIQUIDATION OF DOMESTIC OR ALIEN INSURERS.

(1)      IF THE APPOINTMENT OF THE COMMISSIONER AS RECEIVER IS NOT
THEN IN EFFECT, AND EVEN IF NO PREVIOUS ORDER HAS DIRECTED THE
COMMISSIONER TO REHABILITATE A DOMESTIC INSURER OR THE UNITED STATES
BRANCH OF AN ALIEN INSURER THAT HAS TRUSTEED ASSETS IN THE STATE, THE
COMMISSIONER MAY APPLY TO THE COURT FOR AN ORDER THAT APPOINTS THE
COMMISSIONER AS RECEIVER AND THAT DIRECTS THE COMMISSIONER TO
LIQUIDATE THE BUSINESS OF THE DOMESTIC INSURER OR THE UNITED STATES
BRANCH OF THE ALIEN INSURER IF THE DOMESTIC INSURER OR ALIEN INSURER:

(I)       HAS NOT DONE BUSINESS FOR AT LEAST 1 YEAR;

(II)     IS AN IMPAIRED INSURER AND HAS COMMENCED VOLUNTARY
LIQUIDATION OR DISSOLUTION, OR ATTEMPTS TO COMMENCE OR PROSECUTE. AN
ACTION OR PROCEEDING TO LIQUIDATE ITS BUSINESS OR AFFAIRS, TO DISSOLVE
ITS CORPORATE CHARTER, OR TO PROCURE THE APPOINTMENT OF A RECEIVER,
TRUSTEE, CUSTODIAN, OR SEQUESTRATOR UNDER ANY LAW EXCEPT THIS ARTICLE;

(III)    IS DOING BUSINESS IN A FRAUDULENT MANNER; OR

(IV)    IS IN A CONDITION IN WHICH FURTHER REHABILITATION
EFFORTS ON ANY GROUNDS SPECIFIED IN SUBSECTION (A) OF THIS SECTION APPEAR
TO BE FUTILE.

(2)      IF AT ANY TIME DURING A REHABILITATION PROCEEDING THE
COMMISSIONER DETERMINES THAT FURTHER EFFORTS TO REHABILITATE THE
DOMESTIC INSURER OR ALIEN INSURER WOULD BE USELESS, THE COMMISSIONER
MAY APPLY TO THE COURT FOR AN ORDER OF LIQUIDATION.

(C)      CONSERVATION OF FOREIGN INSURERS.

THE COMMISSIONER MAY APPLY TO THE COURT, FOR AN ORDER THAT
APPOINTS THE COMMISSIONER AS RECEIVER OR ANCILLARY RECEIVER, AND THAT
DIRECTS THE COMMISSIONER TO CONSERVE THE ASSETS OF A FOREIGN INSURER
THAT ARE LOCATED IN THE STATE:

(1)      ON ANY GROUND SPECIFIED IN SUBSECTION (A) OR (B) OF THIS
SECTION; OR

(2)      ON THE GROUND THAT THE ASSETS OF THE FOREIGN INSURER
HAVE BEEN SEQUESTRATED IN THE JURISDICTION IN WHICH THE FOREIGN
INSURER IS DOMICILED OR IN ANOTHER JURISDICTION.

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Session Laws, 1996
Volume 794, Page 256   View pdf image
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