2013 Maryland Code
INSURANCE
§ 3-301 - Definitions.


MD Ins Code § 3-301 (2013) What's This?

§3-301.

(a) In this subtitle the following words have the meanings indicated.

(b) “Act” means the federal Nonadmitted and Reinsurance Reform Act of 2010.

(c) “Admitted insurer” means an insurer that is authorized to engage in the business of insurance in the State.

(d) “Exempt commercial purchaser” has the meaning stated in § 527 of the Act.

(e) “Home state” has the meaning stated in § 527 of the Act.

(f) “Nonadmitted insurance” means property and casualty insurance that may be placed directly or through a surplus lines broker with a nonadmitted insurer that is eligible to accept the insurance.

(g) (1) “Nonadmitted insurer” means an insurer that is not authorized to engage in the business of insurance in the State.

(2) “Nonadmitted insurer” does not include a risk retention group.

(h) “Qualified surplus lines broker” means a person that has obtained a certificate of qualification from the Commissioner to act as a surplus lines broker under this subtitle.

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