PARRIS N. GLENDENING, Governor

Ch. 11

(1)     THAT IS AUTHORIZED TO TRANSACT INSURANCE BUSINESS OR
AUTHORIZED TO ISSUE SURETY BONDS IN THE STATE WHEN THE POLICY OR
SURETY BOND IS ISSUED OR WHEN THE EVENT GIVING RISE TO THE CLAIM OCCURS;
AND

(2)     AGAINST WHOM A COURT OF COMPETENT JURISDICTION IN THE
INSURER'S STATE OF DOMICILE HAS PASSED A FINAL ORDER OF LIQUIDATION WITH
A FINDING OF INSOLVENCY.

REVISOR'S NOTE: This subsection is new language derived without substantive
change from former Art. 48A, § 505(d).

In item (1) of this subsection, the defined term "insurance business" is
substituted for the former term "insurance" for clarity and consistency.

Defined terms: "Insurance business" § 1-101
"Insurer" § 1-101
"Policy" § 1-101
"State" § 1-101
"Surety bond" § 9-301

(F)     MEMBER INSURER.

(1)     "MEMBER INSURER" MEANS AN AUTHORIZED INSURER THAT
WRITES A KIND OF INSURANCE, INCLUDING THE EXCHANGE OF RECIPROCAL OR
INTERINSURANCE CONTRACTS, TO WHICH THIS SUBTITLE APPLIES.

(2)     "MEMBER INSURER" INCLUDES THE MARYLAND AUTOMOBILE
INSURANCE FUND.

REVISOR'S NOTE: This subsection is new language derived without substantive
change from former Art. 48A, § 505(e).

In paragraph (1) of this subsection, the defined term "authorized insurer" is
substituted for the former reference to an insurer that "[i]s licensed to
transact insurance in this State" for brevity and to use the defined term.

Also in paragraph (1) of this subsection, the former specific reference to "§
504" - now § 9-303 - of this subtitle is deleted as unnecessary in light of
general reference to "this subtitle".

Defined terms: "Authorized insurer" § 1-101
"Insurance" § 1-101

(G)     NET DIRECT WRITTEN PREMIUMS.

(1)     "NET DIRECT WRITTEN PREMIUMS" MEANS DIRECT GROSS
PREMIUMS WRITTEN IN THE STATE ON POLICIES OR SURETY BONDS TO WHICH THIS
SUBTITLE APPLIES, LESS RETURN PREMIUMS ON THE POLICIES OR SURETY BONDS
AND DIVIDENDS PAID OR CREDITED TO POLICYHOLDERS, OR PRINCIPALS OR
OBLIGEES OF SURETY BONDS ON THE DIRECT BUSINESS.

(2)     "NET DIRECT WRITTEN PREMIUMS" DOES NOT INCLUDE:

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