<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".11" citation="COMAR 31.10.13.11" title_num="31" subtitle_num="10" chapter_num="13" heading="Dividends.">
  <text>For purposes of this chapter, dividends to policyholders may not be regarded as claims paid, but may be regarded as reductions of premiums paid.</text>
</regulation>