2016 Maryland Code
Insurance
Title 16 - Life Insurance and Annuities
Subtitle 1 - General Provisions
§ 16-116. Public entity
(a) "Public entity" defined. -- In this section, "public entity" means:
(1) a political subdivision of the State;
(2) a unit of the State or a local government; or
(3) a nonprofit or nonstock corporation that:
(i) receives 50% or more of its annual operating budget from the State or a local government; and
(ii) is exempt from taxation under ยง 501(c)(3) or (4) of the Internal Revenue Code.
(b) Purchase of life insurance by public entities. -- Public entities may pool together to purchase life insurance or to self-insure against life risks.
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