Maryland § 3-105
Full text of Maryland Maryland Code § 3-105, with citation guidance and answers to common questions.
§ 3-105.
(a) A person proposing to form a mutual insurer may not solicit in the State applications or premiums for policies of the proposed mutual insurer until the person provides the Commissioner with specific information about the methods and proposed cost of the promotion.
(b) (1) Before a person proposing to form a mutual insurer solicits applications or premiums for policies, the person shall have funds acquired in accordance with § 3-116 of this subtitle in the amount of:
(i) $125,000, if the person will solicit applications or premiums for one kind of insurance business, as set out in § 4-104 of this article; or
(ii) $250,000, if the person will solicit applications or premiums for two or more kinds of insurance business.
(2) The funds shall be held in cash or in investments authorized for capital and reserve under Title 5, Subtitle 6 of this article.
(c) (1) A person must obtain a license from the Commissioner before the person forms a mutual insurer in the State.
(2) Before issuing a license, the Commissioner shall investigate the record of the applicant.
(3) The Commissioner shall issue a license under this subsection if the Commissioner finds that the applicant is honest and trustworthy.
Frequently Asked Questions About Maryland § 3-105
What does Maryland Code § 3-105 cover?
Section 3-105 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 3-105?
A common citation format is "Maryland Code § 3-105" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 3-105 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.