Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS
Chapter 31.05.10 - Financial Guaranty Insurance
Section 31.05.10.02 - Contingency Reserve Requirements
Universal Citation: MD Code Reg 31.05.10.02
Current through Register Vol. 51, No. 19, September 20, 2024
A. In General.
(1) In addition to the unearned premium reserve and the liability established for unpaid losses and loss adjustment expenses, a financial guaranty insurer shall maintain a contingency reserve.
(2) The purpose of the contingency reserve is to protect policyholders against loss during periods of extreme economic contraction.
B. Amount of Contingency Reserve. The contingency reserve shall be computed in accordance with COMAR 31.04.01.04A.
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