Maryland § 5-804
Full text of Maryland Maryland Code § 5-804, with citation guidance and answers to common questions.
§ 5-804.
(a) (1) A deposit of trusteed assets shall be made under a written trust agreement between the alien insurer and the trustee in accordance with this subtitle.
(2) The deposit of trusteed assets shall be authenticated in the manner approved by the Commissioner.
(b) Whether or not then authorized to transact insurance business in Maryland, an alien insurer that uses or proposes to use Maryland as a state of entry to transact insurance business in the United States may make and execute the trust agreement required by this subtitle.
(c) (1) The trust agreement is not effective until filed with and approved in writing by the Commissioner.
(2) The Commissioner may not approve a trust agreement if the Commissioner finds that the trust agreement:
(i) does not comply with law; or
(ii) has terms that do not provide reasonably adequate protection for the alien insurer’s policyholders and creditors in the United States.
(d) (1) A trust agreement may be amended.
(2) The amendment is not effective until filed with and approved in writing by the Commissioner as complying with this subtitle.
(e) (1) The Commissioner may withdraw approval of a trust agreement or amendment to a trust agreement if the Commissioner finds, after a hearing, that the requirements under this subtitle for approval of the trust agreement or amendment are no longer met.
(2) The Commissioner shall give notice of the hearing required under paragraph (1) of this subsection to the alien insurer and the trustee of the trust agreement.
Frequently Asked Questions About Maryland § 5-804
What does Maryland Code § 5-804 cover?
Section 5-804 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 § 5-804?
A common citation format is "Maryland Code § 5-804" (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 § 5-804 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.