Maryland § 7-705
Full text of Maryland Maryland Code § 7-705, with citation guidance and answers to common questions.
§ 7-705.
(a) Except as provided in § 7-706 of this subtitle, before an insurer subject to registration under Subtitle 6 of this title pays a dividend or makes a distribution to its shareholders, the insurer shall notify the Commissioner of its intention to pay the dividend or make the distribution.
(b) The insurer shall notify the Commissioner under subsection (a) of this section:
(1) within 5 business days after the declaration; and
(2) at least 10 days before the payment or distribution date.
(c) The Commissioner shall keep the notice required by subsection (a) of this section confidential until the payment or distribution date.
(d) If the Commissioner finds that, after the payment or distribution to shareholders under this section, the insurer’s surplus as regards policyholders would be inadequate or could lead the insurer to a hazardous financial condition, the Commissioner may order that the dividend not be paid.
Frequently Asked Questions About Maryland § 7-705
What does Maryland Code § 7-705 cover?
Section 7-705 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 § 7-705?
A common citation format is "Maryland Code § 7-705" (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 § 7-705 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.