2010 Maryland Code
INSURANCE
TITLE 9 - IMPAIRED ENTITIES
Subtitle 4 - Life and Health Insurance Guaranty Corporation Act
Section 9-408 - Additional powers of Corporation.

§ 9-408. Additional powers of Corporation.
 

The Corporation may: 

(1) enter into contracts that are necessary or proper to carry out the provisions and purposes of this subtitle; 

(2) sue or be sued and take any other legal actions necessary or proper for the recovery of unpaid assessments under § 9-409 of this subtitle; 

(3) borrow money to carry out the purposes of this subtitle, provided that any notes or other evidences of indebtedness of the Corporation not in default are legal investments for domestic insurers and may be carried as admitted assets; 

(4) employ or retain persons as necessary to handle the financial transactions of the Corporation and perform other functions that are necessary or proper under this subtitle; 

(5) negotiate and contract with liquidators, rehabilitators, conservators, or ancillary receivers to carry out the powers and duties of the Corporation; 

(6) take any legal action necessary to avoid payment of improper claims; 

(7) for the purposes of this subtitle and to the extent approved by the Commissioner, exercise the powers of a domestic life insurer or health insurer, except that the Corporation may not issue policies or annuity contracts other than those issued to perform the contractual obligation of an impaired insurer; and 

(8) perform any other act necessary or proper to carry out the purposes of this subtitle. 
 

[An. Code 1957, art. 48A, § 527; 1996, ch. 11.]