Md. Code, Insurance § 26-202
This is the official text of Md. Code, Insurance § 26-202, part of Maryland’s Code, Insurance — regulates insurance companies and the policies they sell.
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§26–202.
Official statutory text
(a) To qualify for a license to engage in the business of a motor club, a motor club with capital stock must have and maintain:
(1) paid-in capital stock with a fixed nominal or par value in an amount not less than $5,000; and
(2) surplus in an amount not less than $10,000.
(b) A motor club formed under the laws of the State without paid-in capital stock shall have and maintain unencumbered assets, in addition to required reserves and other liabilities, in an amount equal to that required under subsection (a) of this section.
(1) paid-in capital stock with a fixed nominal or par value in an amount not less than $5,000; and
(2) surplus in an amount not less than $10,000.
(b) A motor club formed under the laws of the State without paid-in capital stock shall have and maintain unencumbered assets, in addition to required reserves and other liabilities, in an amount equal to that required under subsection (a) of this section.
Status: in_force · Read it on the official government site
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