№ files_lp_3_process_7_071616
Statutory text outlining the legal framework, definitions, and operational rules for the Maryland Property & Casualty Insurance Guaranty Corporation and its coverage of claims against insolvent insurers.
Year: 1997
Region / State: Maryland, USA
Subject: Insurance regulation and guaranty mechanisms
Document type: Legal statute
Governing body: Maryland General Assembly
Amendments: 1996 (ch. 11, § 1), 1997 (ch. 57, § 9), 2004 (ch. 554, § 1)
Effective date: October 1, 1997
Scope: Property, casualty, surety, and motor vehicle insurance excluding life, health, mortgage guaranty, annuities, surplus lines, and unauthorized insurers
Key definitions: Covered claim, insolvent insurer, member insurer, net direct written premiums, resident, surety bond
Purpose: Ensure prompt payment of claims and allocate cost among insurers
Structure: Establishes a private nonprofit Property and Casualty Insurance Guaranty Corporation with defined accounts and operational plan
Price: 8 / 10 USD
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