2013 Maryland Code
§ 9-217 - Loans and pledges of assets

MD Ins Code § 9-217 (2013) What's This?


(a) To facilitate the rehabilitation, liquidation, conservation, or dissolution of an insurer under this subtitle, the Commissioner, subject to the approval of the court, may:

(1) borrow money;

(2) execute, acknowledge, and deliver notes or other evidences of indebtedness for the loan;

(3) secure the repayment of the loan by the mortgage, pledge, assignment, or transfer in trust of all or part of the property of the insurer; and

(4) take any other action necessary and proper to consummate the loan and to provide for its repayment.

(b) The Commissioner is not obligated personally or in an official capacity to repay a loan made under this section.

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