Maryland § 3-124
Full text of Maryland Maryland Code § 3-124, with citation guidance and answers to common questions.
§ 3-124.
(a) A domestic stock insurer may reinsure with another insurer all or substantially all of its insurance in force or a major class of its insurance in force by an agreement of bulk reinsurance.
(b) (1) An agreement of bulk reinsurance is not effective unless it is filed with and approved by the Commissioner.
(2) The Commissioner shall approve the agreement within a reasonable time after it is filed unless the Commissioner finds that the agreement:
(i) is inequitable to the stockholders of the domestic stock insurer; or
(ii) would substantially reduce the protection of or service to the policyholders of the domestic stock insurer.
(3) If the Commissioner does not approve the agreement, the Commissioner shall notify the domestic stock insurer in writing of the disapproval and specify the reasons for disapproval.
Frequently Asked Questions About Maryland § 3-124
What does Maryland Code § 3-124 cover?
Section 3-124 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 § 3-124?
A common citation format is "Maryland Code § 3-124" (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 § 3-124 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.