§ 16–116

Statutes in effect as of October 1, 2026.

Md. Code Ann., Ins. § 16-116 (2026)

Title 16. Life Insurance and Annuities

Subtitle 1. General Provisions

(a)

In this section, “public entity” means:

(1)

a political subdivision of the State;

(2)

a unit of the State or a local government; or

(3)

a nonprofit or nonstock corporation that:

(i)

receives 50% or more of its annual operating budget from the State or a local government; and

(ii)

is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code.

(b)

Public entities may pool together to purchase life insurance or to self-insure against life risks.