Md. Code Regs. 31.04.14.02

Current through Register Vol. 51, No. 26, December 27, 2024

Section 31.04.14.02 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Corporation" means the Life and Health Insurance Guaranty Corporation.

(2) "Health benefit plan" has the meaning stated in Insurance Article, § 9-401(g), Annotated Code of Maryland.

(3) Member Insurer.

(a) "Member insurer" means any person authorized in this State to transact:

(i) Direct nongroup life insurance, health insurance, annuities (including structured settlements), and supplemental policies or contracts, or health maintenance organization business to which Title 9, Subtitle 4 of the Insurance Article applies; or

(ii) Certificates under direct group policies or contracts.

(b) "Member insurer" does not include:

(i) A fraternal benefit society;

(ii) A mandatory state pooling plan;

(iii) A mutual assessment company or any entity that operates on an assessment basis;

(iv) An insurance exchange; or

(v) An organization which is permitted to issue charitable gift annuity agreements.

(4) "Resident" means a person who resides in this State at the time a member insurer is determined to be an impaired insurer or an insolvent insurer, and to whom a contractual obligation is owed.

(5) "Supplemental contract" means an agreement entered into for the distribution of policy or contract proceeds.

Md. Code Regs. 31.04.14.02

Regulations .02 adopted as an emergency provision effective February 1, 1996 (23:4 Md. R. 270); adopted permanently effective July 1, 1996 (23:13 Md. R. 943); adopted effective 48:19 Md. R. 803, eff. 9/20/2021