Maryland § 5-703
Full text of Maryland Maryland Code § 5-703, with citation guidance and answers to common questions.
§ 5-703.
Deposits made under this subtitle shall be held for the following purposes:
(1) deposits required under this article for a certificate of authority to engage in the insurance business in the State shall be held for the protection of the insurer’s policyholders and creditors;
(2) deposits required under § 19-710(d)(3) of the Health - General Article for a certificate of authority to operate as a health maintenance organization shall be held for the protection of the health maintenance organization’s members and creditors;
(3) deposits of domestic insurers required under the laws of another state, province, or country as a prerequisite for authority to engage in the insurance business in the other state, province, or country shall be held for the protection of the insurer’s policyholders and creditors or for any other purpose specified in the laws requiring the deposits to be made;
(4) deposits allowed under § 5-704 of this subtitle shall be held for the protection of the insurer’s policyholders and creditors; and
(5) deposits required under Title 6, Subtitle 3 of this article shall be held for the purposes specified in the notice of the Commissioner requiring the deposits to be made.
Frequently Asked Questions About Maryland § 5-703
What does Maryland Code § 5-703 cover?
Section 5-703 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 § 5-703?
A common citation format is "Maryland Code § 5-703" (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 § 5-703 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.