Md. Code Regs. 31.08.06.01

Current through Register Vol. 51, No. 22, November 1, 2024

Section 31.08.06.01 - Purpose

A. The Nation-Wide Marine Definition which was approved by the National Association of Insurance Commissioners on June 12, 1953, is hereby adopted for use in Maryland, and all insurance policies issued or renewed on or after September 1, 1953, were and shall be subject to the provisions of the Nation-Wide Marine Definition.

B. The purpose of this chapter is to describe the kinds of risks and coverages which may be classified or identified under State Insurance Laws as marine, inland marine, or transportation insurance, but does not include all of the kinds of risks and coverages which may be written, classified, or identified under marine, inland marine, or transportation insuring powers. This chapter may not be construed to mean that the kinds of risks and coverages are solely marine, inland marine, or transportation insurance in all instances.

C. This chapter may not be construed to restrict or limit in any way the exercise of any insuring powers granted under charters and license whether used separately, in combination or otherwise.

Md. Code Regs. 31.08.06.01