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31.04.09.00.htm 31.04.09.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 04 INSURERS Chapter 09 Custody Agreements and the Use of Clearing Corporations Authority: Insurance Article, §2-109 and 4-115; Health-General Article, §15-102.3 and 19-728; Annotated Code of Maryland
31.04.09.01.htm 31.04.09.01. 01 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) Agent.. a) "Agent" means:. i) A qualified bank or qualified broker/dealer that maintains an account in its name in a clearing corporation or that is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation; orii) With respect to securities issued by institutions organized or existing under the laws of a fore
31.04.09.02.htm 31.04.09.02. 02 Custody Agreement; Filing with Commissioner.. A. Custody Agreement.. 1) A carrier may not register securities in the name of a nominee or deposit securities with a custodian unless the carrier provides for the custody of the securities by entering into a written agreement with the custodian that:a) Is filed with the Commissioner pursuant to §B of this regulation; and. b) Complies with Regulation .03 of this chapter.. 2) The agreement shall be:. b) Authorized by a resolu
31.04.09.03.htm 31.04.09.03. 03 Terms of Custody Agreement.. A. The terms of a custody agreement shall comply with the requirements of this regulation.. B. Certificated securities held by the custodian shall be held separate from the securities of the custodian and of all of its other customers.C. Identification of Securities on Custodian's Records.. 1) Securities held indirectly by the custodian and securities in a clearing corporation shall be separately identified on the custodian's official rec
31.04.09.04.htm 31.04.09.04. 04 Existing Agreements.. A. Compliance and Certification Required. For an existing custody agreement entered into before the effective date of this chapter, a carrier shall:1) Bring the existing custody agreement into compliance with the requirements of Regulation .03 of this chapter by the earlier of:a) The renewal date of the custody agreement; or. b) 12 months after the effective date of this chapter; and. 2) Certify to the Commissioner that the existing c
31.04.09.9999.htm 31.04.09.9999. Administrative History Effective date: May 1, 1968. Amended effective May 15, 1978. Regulation .01 amended effective November 6, 1995 (22:22 Md. R. 1657) ―. Regulations .01 and .02 repealed and new Regulations .01―03 adopted effective September 22, 1997 (24:19 Md. R. 1339) ―Chapter recodified from COMAR 09.30.16 to COMAR 31.04.09, July 1998. Regulations .01―03, Registration of Securities in the Names of Nominees and the Deposit of Securities in Depository Trust Com
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