(a) (1) There is a Life and Health Insurance Guaranty Corporation.
(2) The Corporation is a private, nonprofit, nonstock corporation.
(3) The Corporation is established to enable the guaranty of payment of benefits and continuation of coverages.
(b) As a condition of its authority to transact insurance business in the State, each member insurer must be and remain a member of the Corporation.
(c) The Corporation shall:
(1) perform its functions in accordance with the plan of operation established and approved under § 9–410 of this subtitle; and
(2) exercise its powers through the Board of Directors established under § 9–406 of this subtitle.
(d) For administration and assessment purposes, the Corporation shall maintain:
(1) the health insurance account;
(2) the life insurance account; and
(3) the annuity account.
(e) The Corporation is under the immediate supervision of the Commissioner and subject to the applicable insurance laws of the State.
(f) Except as otherwise provided in this subtitle, the Corporation has perpetual existence and the powers, privileges, and immunities granted by the applicable provisions of the Corporations and Associations Article.
(g) (1) The Corporation is not and may not be deemed a department, unit, agency, or instrumentality of the State for any purpose.
(2) All debts, claims, obligations, and liabilities of the Corporation, whenever incurred, shall be the debts, claims, obligations, and liabilities of the Corporation only and not of the State or the State’s agencies, instrumentalities, officers, or employees.
(h) (1) The money of the Corporation is not part of the General Fund of the State.
(2) The State may not budget for or provide General Fund appropriations to the Corporation.
(3) The debts, claims, obligations, and liabilities of the Corporation are not a debt of the State or a pledge of the credit of the State.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.