reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  3-320 (2021)
2021 Maryland Statutes|Insurance|Title 3 - Kinds of Insurers|Subtitle 3 - Surplus Lines Insurance|Section 3-320 - Receipt of Premium by Surplus Lines Broker

    (a)    In any question that arises under the coverage between an unauthorized insurer and the insured, the unauthorized insurer is deemed to have received the premium due it for surplus lines insurance if:        (1)    the unauthorized insurer has assumed a surplus lines risk under this subtitle; and        (2)    the surplus lines broker who placed the surplus lines insurance has received the premium for the surplus lines insurance.    (b)    An unauthorized insurer described in subsection (a) of this section is liable to the insured for losses covered by the surplus lines insurance and, on cancellation, for unearned premiums that may become payable to the insured, whether or not the surplus lines broker is indebted to the unauthorized insurer for the surplus lines insurance or for any other reason.    (c)    This section does not affect rights between the unauthorized insurer and the surplus lines broker.    (d)    Each unauthorized insurer that assumes a surplus lines direct risk under this subtitle subjects itself to the terms of this section.
MD. Insurance Code Ann. §  3-321 (2021)
2021 Maryland Statutes|Insurance|Title 3 - Kinds of Insurers|Subtitle 3 - Surplus Lines Insurance|Section 3-321 - Delivery of Policy, Binder, or Cover Note

    (a)    (1)    On placing surplus lines coverage, a surplus lines broker promptly shall deliver to the insured:            (i)    the policy issued by the insurer; or            (ii)    if the policy is not available, a binder or cover note that shows:                1.    the subject, coverage, conditions, and term of the insurance; and                2.    the name and address of the insurer.        (2)    If a direct risk is assumed by more than one insurer, the policy, binder, or cover note shall state:            (i)    the name and address of each insurer; and            (ii)    the proportion of the direct risk assumed by each insurer.    (b)    Unless a copy of each binder or cover note has been filed with and approved by the Commissioner, the surplus lines broker, as soon as reasonably possible, shall get the policy from the insurer and deliver it to the insured to replace the binder or cover note previously delivered.    (c)    A surplus lines broker promptly shall deliver to the insured an appropriate substitute for or endorsement of the original binder or cover note that accurately shows the current status of the coverage and the responsible insurer if, after issuance and delivery of the original binder or cover note, there is a change in:        (1)    the identity of the insurer;        (2)    the proportion of the direct risk assumed by an insurer; or        (3)    any other material aspect of the insurance coverage.
MD. Insurance Code Ann. §  3-322 (2021)
2021 Maryland Statutes|Insurance|Title 3 - Kinds of Insurers|Subtitle 3 - Surplus Lines Insurance|Section 3-322 - Records

    (a)    Each surplus lines broker shall keep separate records and accounts of all business transacted under the surplus lines broker's certificate of qualification, including copies of:        (1)    any daily report made by the surplus lines broker; and        (2)    each binder or cover note delivered by the surplus lines broker.    (b)    The records described by subsection (a) of this section shall be kept by the surplus lines broker for 3 years after the issuance of the coverage to which the record relates and shall be available at any reasonable time during that period for examination by the Commissioner.
MD. Insurance Code Ann. §  3-324 (2021)
2021 Maryland Statutes|Insurance|Title 3 - Kinds of Insurers|Subtitle 3 - Surplus Lines Insurance|Section 3-324 - Premium Receipts Tax on Surplus Lines Insurance

    (a)    This section does not apply to insurance of risks of the State or a political subdivision of the State.    (b)    The premiums charged for surplus lines insurance are subject to a premium receipts tax of 3% on all gross premiums, less any returned premiums, charged for surplus lines insurance.    (c)    For policies effective before July 21, 2011:        (1)    if the policy covers property, risks, or exposures located or to be performed entirely in the State, the premium receipts tax shall be computed on the entire premium at the rate specified in subsection (b) of this section; and        (2)    if the policy covers property, risks, or exposures located or to be performed both in and outside the State, the premium receipts tax shall be computed at the rate specified in subsection (b) of this section only on that portion of the premium that is properly allocable to the risks located in the State.    (d)    For policies effective on or after July 21, 2011, if the State is the insured’s home state, the premium receipts tax shall be computed on the entire premium at the rate specified in subsection (b) of this section.    (e)    For policies effective on or after July 21, 2011, only the home state of an insured may receive premium receipts tax payments and reports for nonadmitted insurance.    (f)    (1)    On delivery of the cover note, certificate of insurance, policy, or other initial confirmation of insurance, a surplus lines broker shall charge the insured the amount of the premium receipts tax in addition to the full amount of the gross premium charged by the insurer for the surplus lines insurance.        (2)    The surplus lines broker shall return to the insured the premium receipts tax on any unearned part of the premium.    (g)    The surplus lines broker may not:        (1)    absorb the premium receipts tax; or        (2)    rebate all or part of the premium receipts tax or the surplus lines broker’s commission.    (h)    The Commissioner shall cooperate with other states to adopt and implement uniform requirements for nonadmitted insurance in compliance with the Act.    (i)    For policies effective on or after July 21, 2011, the regulation of nonadmitted insurance is subject to the statutory and regulatory requirements solely of the home state of the insured.
MD. Insurance Code Ann. §  3-325 (2021)
2021 Maryland Statutes|Insurance|Title 3 - Kinds of Insurers|Subtitle 3 - Surplus Lines Insurance|Section 3-325 - Report of Premium Receipts and Payment of Tax

    (a)    On or before March 15 and September 15 of each year, or at another interval that the Commissioner directs, each surplus lines broker that has transacted surplus lines business in the State during the reporting period shall:        (1)    file with the Commissioner a report, on a form the Commissioner prescribes, on business subject to tax during the preceding half calendar year or other interval that the Commissioner directs; and        (2)    pay to the Commissioner the total amount of tax stated in the report.    (b)    By regulation, the Commissioner shall determine the required content and filing deadlines of the report.    (c)    Each report shall be open to public inspection.    (d)    A qualified surplus lines broker may credit any examination expense paid or assessed under § 2–208 of this article against the premium receipts tax due to the State.    (e)    With respect to surplus lines premium receipts tax due to the State, a surplus lines broker is subject to the provisions of Title 6, Subtitle 1 of this article relating to penalties, interest, audits, assessments, limitations, appeals, and refunds.
MD. Insurance Code Ann. §  3-326 (2021)
2021 Maryland Statutes|Insurance|Title 3 - Kinds of Insurers|Subtitle 3 - Surplus Lines Insurance|Section 3-326 - Delivery of False Binder or Cover Note Prohibited

    (a)    A surplus lines broker may not:        (1)    knowingly or negligently deliver a false binder or cover note; or        (2)    fail to notify the insured promptly of any material change with respect to surplus lines insurance by delivery to the insured of a substitute binder or cover note as provided in § 3-321 of this subtitle.    (b)    A violation of subsection (a) of this section is a violation of this article.    (c)    A person that violates subsection (a) of this section is guilty of a misdemeanor and on conviction is subject to the penalty provided by § 1-301 of this article or to any greater applicable penalty provided by law.
MD. Insurance Code Ann. §  3-327 (2021)
2021 Maryland Statutes|Insurance|Title 3 - Kinds of Insurers|Subtitle 3 - Surplus Lines Insurance|Section 3-327 - Short Title

    This subtitle is the Surplus Lines Insurance Law.
MD. Insurance Code Ann. §  4-101 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-101 - Certificate of Authority Required; Exceptions

    (a)    (1)    Except as otherwise provided in this article, a person may not act as an insurer and an insurer may not engage in the insurance business in the State unless the person has a certificate of authority issued by the Commissioner.        (2)    An insurer may not have or maintain in this State an office, representative, or other facility to solicit or service any kind of insurance in another state unless the insurer is then authorized to engage in the same kind of insurance business in this State.    (b)    A certificate of authority is not required for an insurer to engage in:        (1)    transactions that relate to policies that were lawfully written in the State, or the liquidation of assets and liabilities of the insurer, including the collection of premiums on existing policies, resulting from former authorized operations of the insurer in the State;        (2)    transactions that occur after issuance of a policy that covers only subjects of insurance not resident, located, or expressly to be performed in the State at the time of issuance, or that covers property in the course of transportation by land, air, or water to, from, or through the State, including any incidental preparation and storage, and the coverage was lawfully solicited, written, and delivered outside the State;        (3)    transactions that relate to surplus lines coverages lawfully written under Title 3, Subtitle 3 of this article; or        (4)    reinsurance transactions, except as to domestic reinsurers.
MD. Insurance Code Ann. §  4-102 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-102 - Qualifications of Insurers

    (a)    To engage in the insurance business in the State, an insurer must:        (1)    be in compliance with its charter powers and with this article; and        (2)    be an incorporated stock insurer, incorporated mutual insurer, or reciprocal insurer.    (b)    An insurer may not be authorized to engage in the insurance business in the State if the insurer has or uses a name that is so similar to the name of an insurer already so authorized as to tend to cause uncertainty or confusion or that tends to deceive or mislead about the type of organization of the insurer.    (c)    (1)    A foreign insurer may not be authorized to engage in the insurance business in the State if:            (i)    the voting control or ownership of the foreign insurer is held in whole or substantial part by a government or governmental unit; or            (ii)    the foreign insurer is operated for or by a government or governmental unit.        (2)    For purposes of this subsection, membership in a mutual insurer, subscribership in a reciprocal insurer, ownership of stock of an insurer by the alien property custodian or similar official of the United States, or supervision of an insurer by a public insurance supervisory authority are not considered to be ownership, control, or operation of the insurer.    (d)    (1)    In this subsection, “Lloyds underwriters” means an aggregation of individuals who, under a common name, engage in the insurance business for profit through an attorney in fact who has authority, within the limits specified in the power of attorney, to obligate the underwriters severally on insurance contracts made or issued by the attorney in fact, in the name of the aggregation of individuals, to and with any person insured.        (2)    A Lloyds underwriter may not be organized in the State and a foreign or alien Lloyds underwriter may not be authorized to engage in the insurance business in the State.        (3)    This subsection does not restrict the right of insurers to place surplus lines coverages in and to cede reinsurance to foreign or alien Lloyds underwriters, if the surplus lines and reinsurance transactions are otherwise allowed under this article.
MD. Insurance Code Ann. §  4-103 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-103 - Capital and Surplus Requirements -- in General

    (a)    Capital and surplus requirements for an insurer shall be based on all the kinds of insurance business that the insurer transacts or will transact, regardless of where the insurance business is transacted.    (b)    To qualify for an initial certificate of authority to engage in one kind or a combination of kinds of insurance business, an insurer must have and maintain the capital stock and surplus requirements of:        (1)    §§ 4–104 and 4–105 of this subtitle, for a stock insurer;        (2)    Title 3, Subtitle 1 of this article, for a mutual insurer;        (3)    Title 3, Subtitle 2 of this article, for a reciprocal insurer;        (4)    Title 8, Subtitle 4 of this article, for a fraternal benefit society; and        (5)    Title 14, Subtitle 1 of this article, for a nonprofit health service plan.    (c)    (1)    In addition to any other capital and surplus requirements of this article, each insurer’s assets and surplus as regards policyholders shall be reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs.        (2)    In determining whether an insurer’s assets and surplus as regards policyholders are reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered:            (i)    the size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force, and other appropriate criteria;            (ii)    the extent to which the insurer’s business is diversified among the several lines of insurance;            (iii)    the number and size of risks insured in each line of insurance;            (iv)    the geographical dispersion of the insurer’s insured risks;            (v)    the nature and extent of reinsurance of the insurer’s risks;            (vi)    the quality, diversification, and liquidity of the insurer’s investment portfolio;            (vii)    the recent past and projected future trends in the size of the insurer’s surplus as regards policyholders;            (viii)    the surplus as regards policyholders maintained by comparable insurers; and            (ix)    the financial position of the insurer, after excluding from assets investments in and other transactions with persons that directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with another person.    (d)    The provisions of this subtitle shall be supplemented by the requirements of Subtitle 3 of this title.
MD. Insurance Code Ann. §  4-104 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-104 - Capital Stock Requirements

    (a)    Except as otherwise provided in this article, to qualify for a certificate of authority to engage in one kind of insurance business, an insurer that started business in the State on or before June 30, 1965, must have and maintain paid-in capital stock with a fixed nominal or par value in an amount not less than that applicable under the following schedule:
MD. Insurance Code Ann. §  4-104.1 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-104.1 - Capital Stock Requirements --Title Insurer

    Notwithstanding the provisions of § 4–104 of this subtitle, a title insurer domiciled in this State shall have and maintain paid–in capital stock with a fixed nominal or par value in the amount of:        (1)    $500,000 as of July 1, 2010;        (2)    $625,000 as of July 1, 2011; and        (3)    $750,000 as of July 1, 2012, and each July 1 thereafter.
MD. Insurance Code Ann. §  4-105 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-105 - Surplus Assets or Funds Required

    (a)    In addition to the minimum capital stock required by § 4-104 of this subtitle, to qualify for an initial certificate of authority to engage in one kind or a combination of kinds of insurance business, an insurer must have surplus assets or funds in an amount not less than 150% of the minimum capital stock required.    (b)    For authority to continue in the insurance business, in addition to the minimum capital stock required by § 4-104 of this subtitle, an insurer that started business in the State on or after July 1, 1966, must maintain surplus assets or funds in an amount not less than 100% of the minimum capital stock required.    (c)    (1)    For authority to continue in the insurance business, in addition to the minimum capital stock required by § 4-104 of this subtitle, an insurer that started business in the State on or before June 30, 1966:            (i)    must maintain surplus assets or funds in an amount not less than 50% of the minimum capital stock required; and            (ii)    if authorized to write vehicle liability insurance, must maintain surplus assets or funds in an amount not less than $300,000, whether or not the insurer also is authorized to write other kinds of insurance.        (2)    The combined amount of surplus required by items (i) and (ii) of paragraph (1) of this subsection may not exceed the amount of surplus required by subsection (b) of this section of an insurer authorized on or after July 1, 1966, to transact the same kinds of insurance business.
MD. Insurance Code Ann. §  4-105.1 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-105.1 - Surplus Requirements -- Title Insurers

    Notwithstanding the provisions of § 4–105 of this subtitle, a title insurer domiciled in this State shall have and maintain minimum surplus in the amount of:        (1)    $500,000 as of July 1, 2010;        (2)    $625,000 as of July 1, 2011; and        (3)    $750,000 as of July 1, 2012, and each July 1 thereafter.
MD. Insurance Code Ann. §  4-106 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-106 - Deposit of Securities

    (a)    Except as provided in subsections (b) and (c) of this section, to qualify for a certificate of authority, an insurer shall deposit and maintain in trust with the Treasurer, for the protection of the insurer’s policyholders and creditors, an amount not less than $100,000 in:        (1)    cash; or        (2)    government securities eligible for the investment of capital funds of domestic insurers as specified in § 5-701(b) of this article.    (b)    For a foreign insurer, instead of all or part of the deposit required by subsection (a) of this section, the Commissioner shall accept the current certificate of the insurance supervisory official of another state showing that a like deposit by the foreign insurer is being maintained:        (1)    in public custody or in a depository approved by the official; and        (2)    in trust for protection of the policyholders and creditors of the foreign insurer in the United States.    (c)    For an alien insurer, instead of all or part of the deposit required by subsection (a) of this section, the Commissioner shall accept evidence satisfactory to the Commissioner that the alien insurer maintains in the United States assets available for discharge of its insurance obligations in the United States:        (1)    in public depositories, or in trust institutions in the United States approved by the Commissioner; and        (2)    in an amount not less than the outstanding liabilities of the insurer arising out of its insurance business in the United States, plus an amount equal to the deposit required under this section for other insurers requesting authority to engage in like kinds of insurance business.
MD. Insurance Code Ann. §  4-107 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-107 - Service of Process

    (a)    On the form that the Commissioner provides, each insurer applying for a certificate of authority must appoint the Commissioner as attorney for service of process issued against the insurer in the State.    (b)    The appointment:        (1)    is irrevocable;        (2)    binds the insurer and any successor in interest or successor to the assets and liabilities of the insurer; and        (3)    remains in effect as long as there is in force in the State a contract made by the insurer or an obligation arising from a contract made by the insurer.
MD. Insurance Code Ann. §  4-108 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-108 - Applications for Initial Certificate of Authority

    An applicant for an initial certificate of authority shall:         (1)    file with the Commissioner an application on the form that the Commissioner provides;        (2)    pay to the Commissioner the applicable fees required by § 2-112 of this article; and        (3)    file with the Commissioner:            (i)    a certified copy of its articles of incorporation with all amendments;            (ii)    a certified copy of its bylaws with all amendments;            (iii)    a copy of its annual statement as of the immediately preceding December 31;            (iv)    for a foreign insurer or alien insurer, a copy of the report of last examination, if any, made of the insurer certified by the insurance supervisory official of the state of domicile of the foreign insurer or the state of entry into the United States of the alien insurer;            (v)    for a foreign insurer or alien insurer, a certificate of the insurance supervisory official of the state or country of domicile or state of entry into the United States of the insurer showing that the insurer is authorized to transact the kinds of insurance business proposed to be transacted in this State;            (vi)    for an alien insurer, a copy of the appointment and authority of its United States manager;            (vii)    a certificate evidencing a deposit in accordance with § 4-106 of this subtitle; and            (viii)    any other information and documents that the Commissioner considers necessary to protect policyholders or ensure compliance with this article.
MD. Insurance Code Ann. §  4-109 (2021)
2021 Maryland Statutes|Insurance|Title 4 - General Requirements for Insurers|Subtitle 1 - Certificates of Authority|Section 4-109 - Issuance or Disapproval of Initial Certificate of Authority

    (a)    Within a reasonable time after the filing of a completed application for an initial certificate of authority, the Commissioner shall:        (1)    issue an appropriate certificate of authority; or        (2)    disapprove the application and state the grounds for disapproval.    (b)    On request of an insurer, the Commissioner may issue a certificate of authority limited to a particular type of insurance or insurance coverage within the scope of a kind of insurance.