2013 Maryland Code
INSURANCE
§ 24-105 - Administration of Society by licensed insurer


MD Ins Code § 24-105 (2013) What's This?

§24-105.

(a) (1) If the Board of Directors determines that the affairs of the Society may be administered suitably and efficiently, the Society may enter into a contract with a licensed insurer to administer the affairs of the Society, subject to the continuing direction of the Board of Directors specified in the articles of incorporation and bylaws of the Society and the contract.

(2) A contract may not exceed 5 years.

(b) (1) On execution of the contract, the Society promptly shall file a true copy of the contract with the Commissioner.

(2) The contract is effective 30 days after the date of filing unless, before the effective date, the Commissioner disapproves the contract as contrary to law or public policy or as unduly onerous and states the reasons for the disapproval.

Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.