Maryland § 5-709
Full text of Maryland Maryland Code § 5-709, with citation guidance and answers to common questions.
§ 5-709.
(a) On completion of a merger or consolidation, an insurer that merges or consolidates with another insurer may:
(1) transfer to the successor insurer any deposit made by the merged or consolidated insurer under this subtitle; or
(2) have released to the successor insurer all or part of a deposit made by the merged or consolidated insurer under this subtitle that is no longer required of the successor insurer under this article.
(b) A transfer or release of a deposit under this section may be made only:
(1) with the approval of the Commissioner; and
(2) on affidavit of the officers of the merged or consolidated insurer and the successor insurer that the liabilities of the merged or consolidated insurer have been extinguished, canceled, or reinsured.
Frequently Asked Questions About Maryland § 5-709
What does Maryland Code § 5-709 cover?
Section 5-709 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 § 5-709?
A common citation format is "Maryland Code § 5-709" (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 § 5-709 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.