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§ 5-701. Deposits of assets

MD Ins Code § 5-701 (2019) (N/A)
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(a)    When made through the Commissioner by insurers or health maintenance organizations, the Treasurer shall accept and hold in trust:

(1)    deposits required under this article for a certificate of authority to engage in the insurance business in the State;

(2)    deposits required under § 19-710(d)(3) of the Health - General Article for a certificate of authority to operate as a health maintenance organization;

(3)    deposits of domestic insurers, foreign insurers, or alien insurers required under the laws of another state, province, or country as a prerequisite for authority to engage in the insurance business in the other state, province, or country;

(4)    deposits allowed under § 5-704 of this subtitle; and

(5)    deposits required under Title 6, Subtitle 3 of this article.

(b)    Deposits made under subsection (a) of this section shall be in any combination of:

(1)    cash; or

(2)    the government securities described in § 5-510(b) or § 5-607(b)(1)(i), (ii), or (iii) of this title, as approved by the Treasurer.

(c)    Deposits of government securities shall be registered, both as to principal and interest, in the name of the Treasurer as trustee.

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§ 5-702. Trust companies as depositories; responsibility of State