PARRIS N. GLENDENING, Governor

Ch. 11

"Life insurance" § 1-101

"Member insurer" § 9-401

"Moody's corporate bond yield average" § 9-401

"Policy" § 1-101

"Reinsurance" § 1-101

"Resident" § 9-401

"State" § 1-101

"Supplemental contract" § 9-401

9-404. CONSTRUCTION OF SUBTITLE.

(A)     CONSTRUCTION OF SUBTITLE.

(1)      THIS SUBTITLE SHALL BE LIBERALLY CONSTRUED TO CARRY OUT
ITS PURPOSE AS SPECIFIED IN § 9-402 OF THIS SUBTITLE.

(2)      SECTION 9-402 OF THIS SUBTITLE IS AN AID AND GUIDE TO THE
INTERPRETATION OF THIS SUBTITLE.

(B)     USE OF WORDS.

THE WORDS "POLICY" AND "CONTRACT" ARE USED INTERCHANGEABLY
THROUGHOUT THIS SUBTITLE.

(C)     INTERPRETATION OF STATE OF RESIDENCY.

A PERSON MAY BE A RESIDENT OF ONLY ONE STATE. FOR A PERSON OTHER
THAN AN INDIVIDUAL, THAT STATE IS THE STATE IN WHICH ITS PRINCIPAL PLACE
OF BUSINESS IS LOCATED.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 523 and the second sentence of § 524(4) and
the second sentence of (11).

Defined terms: "Individual" § 9-401
"Person" § 1-101
"Policy" § 1-101
"State" § 1-101

9-405. CORPORATION ESTABLISHED; MEMBERSHIP; PLAN OF OPERATION;
ACCOUNTS; SUPERVISION BY COMMISSIONER; STATUS.

(A)     CORPORATION ESTABLISHED.

(1)      THERE IS A LIFE AND HEALTH INSURANCE GUARANTY
CORPORATION.

(2)      THE CORPORATION IS A PRIVATE, NONPROFIT, NONSTOCK
CORPORATION.

(3)      THE CORPORATION IS ESTABLISHED TO ENABLE THE GUARANTY OF
PAYMENT OF BENEFITS AND CONTINUATION OF COVERAGES.

(B)     MEMBERSHIP.

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