(a) In this subtitle the following words have the meanings indicated. (b) “Subject of insurance” includes, as to insurance against fire and hazards other than windstorm, earthquake, or other catastrophe hazards, all properties that: (1) are insured by the same insurer; and (2) customarily are considered by underwriters to be subject to loss or damage from the same fire […]
(a) This subtitle does not apply to: (1) life insurance; (2) health insurance; (3) annuities; (4) title insurance; (5) wet marine and transportation insurance; (6) workers’ compensation insurance; (7) employer’s liability coverage; or (8) a policy or type of coverage as to which the maximum possible loss to the insurer cannot be readily ascertained when the policy is issued or the coverage is provided. […]
(a) (1) Subject to § 5-1004 of this subtitle and except as provided under § 5-1005 of this subtitle, an insurer may not retain a risk on any one subject of insurance, whether located or to be performed in the State or outside of the State, in an amount exceeding 10% of the insurer’s surplus to policyholders. […]
(a) A surety insurer may execute transportation or warehousing bonds for federal internal revenue taxes in a net amount not exceeding 20% of the surety insurer’s surplus to policyholders, determined under § 5-1003(a)(2) of this subtitle. (b) The net amount of exposure on any one surety risk shall be deemed within the 10% limit established by § […]
The Commissioner may establish by regulation limits on the risk retained by an insurer for a subject of financial guaranty insurance, including requirements for contingency reserves used in determining compliance with the applicable risk limits.
