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Statutes Text

Article - Economic Development




§10–496.

    (a)    In any case under the insurance law of the State in which the assets of a purchaser are examined or considered, the designated capital shall be treated as an admitted asset, subject to the same financial rating as that held by the State.

    (b)    The Corporation shall submit the following to the Maryland Insurance Administration:

        (1)    the names, addresses, and amount of designated capital to be contributed and premium tax credits earned by each successful bidder within 30 days after the close of the bidding process under § 10–482 of this subtitle;

        (2)    a copy of the tax credit certificate issued to each purchaser within 30 days after the issuance of the certificate under § 10–483 of this subtitle;

        (3)    the occurrence of a default by a purchaser; and

        (4)    the transfer of premium tax credits by a purchaser.