Maryland § 4-104
Full text of Maryland Maryland Code § 4-104, with citation guidance and answers to common questions.
§ 4-104.
(a) Except as otherwise provided in this article, to qualify for a certificate of authority to engage in one kind of insurance business, an insurer that started business in the State on or before June 30, 1965, must have and maintain paid–in capital stock with a fixed nominal or par value in an amount not less than that applicable under the following schedule:
Kind of Minimum Capital
Insurance Business Stock Required
(1) life insurance including annuities and health $200,000
insurance ……………………………………………
(2) health insurance …………………………………… $100,000
(3) property insurance and marine insurance other $250,000
than wet marine and transportation insurance…
(4) title insurance ………………………………………… $250,000
(5) wet marine and transportation insurance ………… $250,000
(6) casualty insurance, not including vehicle liability $250,000
insurance for workers’ compensation insurance …
(7) vehicle liability insurance …………………………… $250,000
(8) workers’ compensation insurance …………………… $250,000
(9) surety insurance ………………………………………… $250,000
(b) To qualify for a certificate of authority to engage in two or more kinds of insurance business, an insurer that started business in the State on or before June 30, 1965, must have paid–in capital stock with a fixed nominal or par value in an amount not less than the lesser of:
(1) the combined sum of the capital stock required for each of the kinds of insurance business to be authorized; or
(2) $500,000.
(c) Except as otherwise provided in this article, to qualify for a certificate of authority to engage in one kind of insurance business, an insurer that started business in the State during the period from July 1, 1965, to June 30, 1991, both inclusive, must have and maintain paid–in capital stock with a fixed nominal or par value in an amount not less than that applicable under the following schedule:
Kind of Minimum Capital
Insurance Business Stock Required
(1) life insurance including annuities and health $500,000
insurance ……………………………………………
(2) health insurance …………………………………… $250,000
(3) property insurance and marine insurance other $250,000
than wet marine and transportation insurance…
(4) title insurance ………………………………………… $250,000
(5) wet marine and transportation insurance ………… $250,000
(6) casualty insurance, not including vehicle liability $250,000
insurance for workers’ compensation insurance …
(7) vehicle liability insurance …………………………… $250,000
(8) workers’ compensation insurance …………………… $250,000
(9) surety insurance ………………………………………… $250,000
(d) To qualify for a certificate of authority to engage in two or more kinds of insurance business, an insurer that started business in the State during the period from July 1, 1965, to June 30, 1991, both inclusive, must have paid–in capital stock with a fixed nominal or par value in an amount not less than $500,000.
(e) Except as otherwise provided in this article, to qualify for a certificate of authority to engage in one kind of insurance business, an insurer that started business in the State on or after July 1, 1991, must have and maintain paid–in capital stock with a fixed nominal or par value in an amount not less than that applicable under the following schedule:
Kind of Minimum Capital
Insurance Business Stock Required
(1) life insurance including annuities……………… $1,500,000
(2) health insurance …………………………………… $750,000
(3) property insurance and marine insurance other $750,000
than wet marine and transportation insurance…
(4) title insurance ………………………………………… $750,000
(5) wet marine and transportation insurance ………… $750,000
(6) casualty insurance, not including vehicle liability $250,000
insurance for workers’ compensation insurance …
(7) vehicle liability insurance …………………………… $750,000
(8) workers’ compensation insurance …………………… $750,000
(9) surety insurance ………………………………………… $750,000
(f) To qualify for a certificate of authority to engage in two or more kinds of insurance business, an insurer that started business in the State on or after July 1, 1991, must have paid–in capital stock with a fixed nominal or par value in an amount not less than $1,500,000.
(g) On or after July 1, 2001, an insurer that qualified for a certificate of authority to engage in any kind of insurance business on or before June 30, 1991, must have and maintain paid–in capital stock with a fixed nominal or par value in an amount not less than 150% of that required of an insurer authorized to start insurance business in the State on June 30, 1991.
Frequently Asked Questions About Maryland § 4-104
What does Maryland Code § 4-104 cover?
Section 4-104 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 § 4-104?
A common citation format is "Maryland Code § 4-104" (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 § 4-104 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.