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Maryland Code, Insurance § 26-202

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 26-202 - last updated January 01, 2025 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-26-202/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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