§ 8–412

Statutes in effect as of October 1, 2026.

Md. Code Ann., Ins. § 8-412 (2026)

Title 8. Entities That Act as Insurers

Subtitle 4. Fraternal Benefit Societies

(a)

The incorporators shall file with the Commissioner:

(1)

the articles of incorporation of the society;

(2)

certified copies of the society’s laws and rules;

(3)

copies of all proposed:

(i)

forms of certificates;

(ii)

applications for certificates; and

(iii)

circulars to be issued by the society; and

(4)

a bond conditioned on the return to applicants of advance premiums if the organization of the society is not completed within 1 year.

(b)

The Commissioner may require any additional information that the Commissioner considers necessary.

(c)

The bond required under subsection (a) of this section must:

(1)

be issued by a surety insurer approved by the Commissioner; and

(2)

be in the amount required by the Commissioner, but not less than $300,000 nor more than $1,500,000.

(d)

Each document filed shall be in the English language.