2013 Maryland Code
§ 26-202 - Capital and surplus requirements

MD Ins Code § 26-202 (2013) What's This?


(a) To qualify for a license to engage in the business of a motor club, a motor club with capital stock must have and maintain:

(1) paid-in capital stock with a fixed nominal or par value in an amount not less than $5,000; and

(2) surplus in an amount not less than $10,000.

(b) A motor club formed under the laws of the State without paid-in capital stock shall have and maintain unencumbered assets, in addition to required reserves and other liabilities, in an amount equal to that required under subsection (a) of this section.

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