In addition to the requirements of Regulations .14—.18 of this chapter, reinsurance contracts entered into or renewed under Regulations .24—.26 of this chapter shall include a funding clause, which requires the certified reinsurer to provide and maintain security in an amount sufficient to avoid the imposition of any unfavorable financial statement accounting treatment on the ceding insurer under this chapter for reinsurance ceded to the certified reinsurer.

Authority: Insurance Article, §§1-101(jj), 2-109, 2-205, 2-209, and 5-901—5-917, Annotated Code of Maryland

Effective date:

Regulations .01—.08 adopted as an emergency provision effective June 17, 1993 (20:14 Md. R. 1164); adopted permanently effective October 11, 1993 (20:20 Md. R. 1571)

Regulations .02B and .08F amended, and Regulations .09—.17 adopted, as an emergency provision effective December 19, 1997 (25:2 Md. R. 73); adopted permanently effective June 15, 1998 (25:12 Md. R. 947)

Chapter recodified from COMAR 09.30.97 to COMAR 31.05.08 effective September 7, 1998 (25:18 Md. R. 1439)

Regulations .01—.17 repealed and new Regulations .01—.24 adopted effective June 5, 2006 (33:11 Md. R. 953)

Chapter revised effective August 18, 2014 (41:16 Md. R. 947)

Regulation .02B amended effective October 1, 2022 (49:19 Md. R. 868)

Regulation .24 amended effective July 1, 2021 (48:13 Md. R. 510)

Regulation .28D amended effective December 11, 2023 (50:24 Md. R. 1043)

Regulation .29 adopted effective October 1, 2022 (49:19 Md. R. 868)