Purpose

PURPOSE

 
SECT. 9-302 MARYLAND ANNOTATED CODE (INSURANCE)

9-302. Purposes of Subtitle.

The purposes of this subtitle are:

(1) to provide a mechanism for the prompt payment of covered claims under certain policies and to avoid financial loss to residents of the State who are claimants or policyholders of an insolvent insurer; and

(2) to provide for the assessment of the cost of payments of covered claims and protection among insurers. (Ann. Code 1957, Art. 48A, 504; 1996, ch. 11.)