Section 5-801 – “Trusteed Assets” Defined

    In this subtitle, “trusteed assets” means assets deposited in trust by an alien insurer in accordance with this subtitle.

Section 5-802 – Scope of Subtitle

    This subtitle applies to each alien insurer that desires to use Maryland as a state of entry to transact insurance business in the United States.

Section 5-803 – Deposit of Trusteed Assets

    (a)    An alien insurer may use Maryland as a state of entry to transact insurance business in the United States if the alien insurer makes and maintains in Maryland a deposit of assets in trust with a solvent bank or trust company approved by the Commissioner.     (b)    The deposit of trusteed assets shall be held for the […]

Section 5-804 – Trust Agreement

    (a)    (1)    A deposit of trusteed assets shall be made under a written trust agreement between the alien insurer and the trustee in accordance with this subtitle.         (2)    The deposit of trusteed assets shall be authenticated in the manner approved by the Commissioner.     (b)    Whether or not then authorized to transact insurance business in Maryland, an alien insurer that […]

Section 5-805 – Trusteed Assets

    (a)    (1)    For purposes of the trust deposit, title to the trusteed assets is vested in the trustee and its successor.         (2)    The trust agreement shall provide that title to the trusteed assets be vested as described in paragraph (1) of this subsection.     (b)    The trustee shall:         (1)    keep the trusteed assets separate from other assets; and         (2)    maintain a record […]

Section 5-806 – Withdrawal of Assets

    (a)    Except as otherwise provided in subsections (b) through (e) of this section, the trust agreement shall provide in substance that an alien insurer may not make, and the trustee may not allow, withdrawals of trusteed assets without advance written authorization of the Commissioner.     (b)    The trust agreement may provide that, on request of an alien insurer […]

Section 5-807 – Substitution of Trustee

    Subject to the Commissioner’s approval, a new trustee may be substituted for the original trustee because of a vacancy or for other proper cause.