reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  8-510 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-510 - Addition or Deletion of Names on License

    To add a name to or delete a name from a license, the licensee shall:         (1)    submit to the Commissioner the change in the form that the Commissioner requires; and        (2)    pay to the Commissioner a fee of $10.
MD. Insurance Code Ann. §  8-511 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-511 - Denials, Refusals to Renew, Suspensions, and Revocations; Penalties; Judicial Review; Civil Damages

    (a)    Subject to the hearing provisions of §§ 2-210 through 2-214 of this article, the Commissioner may deny, refuse to renew, suspend, or revoke a reinsurance intermediary’s license, or a reinsurance intermediary’s insurance producer license, if the reinsurance intermediary has violated this subtitle or § 10-126 of this article.    (b)    Instead of or in addition to the penalties provided in subsection (a) of this section, the Commissioner:        (1)    may impose a penalty not exceeding $5,000 for each violation of this subtitle;        (2)    may bring a civil action for the benefit of an insurer or reinsurer and its policyholders and creditors to recover compensatory damages or may seek other appropriate relief; and        (3)    may impose any other penalty authorized by this article.    (c)    An order of the Commissioner issued under this section is subject to judicial review in accordance with § 2-215 of this article.    (d)    A receiver appointed under Title 9, Subtitle 2 of this article may bring a civil action to recover damages or for other appropriate sanctions for the benefit of an insurer if the receiver determines that:        (1)    a reinsurance intermediary or other person has failed to comply materially with this subtitle; and        (2)    the failure has caused an insurer under an order of rehabilitation or liquidation to suffer a loss or damage.    (e)    This section is not intended to limit the rights of policyholders or claimants of an insurer or reinsurer.
MD. Insurance Code Ann. §  8-512 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-512 - Examination of Reinsurance Intermediaries

    A reinsurance intermediary may be examined under §§ 2-205 through 2-209 of this article.
MD. Insurance Code Ann. §  8-513 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-513 - Authorization to Act as a Reinsurance Broker

    (a)    A person may not act as a reinsurance broker for an authorized insurer without a written authorization agreement between the reinsurance broker and the authorized insurer that states the responsibilities of the parties.    (b)    The authorization agreement required by this section shall provide that:        (1)    on written notice, the authorized insurer may terminate at any time the authority of the reinsurance broker to act for it; and        (2)    the reinsurance broker shall:            (i)    render accounts to the authorized insurer detailing all material transactions, including information necessary to support the commissions, charges, and other fees received by or owed to the reinsurance broker;            (ii)    remit all funds due to the authorized insurer within 30 days after receipt;            (iii)    hold in a fiduciary capacity in a qualified financial institution all funds collected for the account of the authorized insurer;            (iv)    keep all books, records, and accounts in accordance with § 8-514 of this subtitle;            (v)    comply with all written standards established by the authorized insurer for the cession or retrocession of all risks; and            (vi)    disclose to the authorized insurer any relationship of the reinsurance broker with a reinsurer to which business is ceded or retroceded.
MD. Insurance Code Ann. §  8-514 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-514 - Records of Reinsurance Broker

    (a)    A reinsurance broker shall keep a record of each transaction that relates to a contract of reinsurance transacted by the reinsurance broker for at least 10 years after the contract expires.    (b)    For each contract of reinsurance, the record required by this section shall include:        (1)    the type of contract, limits, underwriting restrictions, classes or risks, and territory;        (2)    the period of coverage, including effective and expiration dates, cancellation provisions, and required notice of cancellation;        (3)    the requirements for reporting and settling balances;        (4)    the rate used to compute the reinsurance premium;        (5)    the names and addresses of assuming reinsurers;        (6)    the rates of all reinsurance commissions, including commissions on any retrocessions handled by the reinsurance broker;        (7)    proof of placement;        (8)    details of retrocessions handled by the reinsurance broker, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;        (9)    financial records, including premium and loss accounts; and        (10)    any related correspondence and memoranda.    (c)    In addition to the records required by this section, a reinsurance broker shall keep written evidence that the assuming reinsurer:        (1)    has agreed to accept the risk, if the reinsurance broker, while acting for a ceding authorized insurer, procured a reinsurance contract directly from an assuming reinsurer; and        (2)    has delegated binding authority to its representative, if the reinsurance broker, while acting for a ceding authorized insurer, procures a reinsurance contract from a representative, other than an employee, of an assuming reinsurer.    (d)    (1)    An authorized insurer shall have reasonable access to and the right to copy and audit all accounts and records maintained by the reinsurance broker that relate to business transactions with the authorized insurer.        (2)    The reinsurance broker shall maintain accounts and records in a form usable by the authorized insurer.
MD. Insurance Code Ann. §  8-516 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-516 - Records of Reinsurance Manager

    (a)    A reinsurance manager shall keep a record of each transaction that relates to a contract of reinsurance transacted by the reinsurance manager for at least 10 years after the contract expires.    (b)    For each contract of reinsurance, the record required by this section shall include:        (1)    the type of contract, limits, underwriting restrictions, classes or risks, and territory;        (2)    the period of coverage, including effective and expiration dates, cancellation provisions, required notice of cancellation, and disposition of outstanding reserves on covered risks;        (3)    the requirements for reporting and settling balances;        (4)    the rate used to compute the reinsurance premium;        (5)    the names and addresses of assuming reinsurers;        (6)    the rates of all reinsurance commissions, including commissions on any retrocessions handled by the reinsurance manager;        (7)    proof of placement;        (8)    details of retrocessions handled by the reinsurance manager, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;        (9)    financial records, including premium and loss accounts; and        (10)    any related correspondence and memoranda.    (c)    In addition to the records required by this section, a reinsurance manager shall keep written evidence that the assuming reinsurer:        (1)    has agreed to accept the risk, if the reinsurance manager, while acting for a ceding authorized insurer, procured a reinsurance contract directly from an assuming reinsurer; and        (2)    has delegated binding authority to its representative, if the reinsurance manager, while acting for a ceding authorized insurer, procures a reinsurance contract from a representative, other than an employee, of an assuming reinsurer.
MD. Insurance Code Ann. §  8-517 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-517 - Acts of Reinsurance Manager

    The acts of a reinsurance manager are considered to be the acts of the reinsurer on whose behalf the reinsurance manager is acting.
MD. Insurance Code Ann. §  8-518 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-518 - Restrictions on Activities of Reinsurance Manager

    (a)    A reinsurance manager:        (1)    except as provided in subsection (b) of this section, may not cede retrocessions for a reinsurer;        (2)    may not commit a reinsurer to participate in reinsurance syndicates;        (3)    may not appoint or hire an insurance producer to solicit, procure, or negotiate reinsurance contracts for a reinsurer without ensuring that the insurance producer is qualified under Title 10, Subtitle 1 of this article;        (4)    may not take an action that would constitute a violation of § 27-503 of this article if taken directly by a reinsurer;        (5)    without the reinsurer’s prior written approval, may not pay or commit a reinsurer to pay a claim, net of reinsurance, that exceeds the lesser of 1% of the reinsurer’s policyholder surplus as of the preceding calendar year and an amount specified by the reinsurer;        (6)    subject to subsection (b) of this section and without the reinsurer’s prior written approval:            (i)    may not collect a payment from a retrocessionaire; or            (ii)    may not commit a reinsurer to a claim settlement with a retrocessionaire;        (7)    may not appoint a subreinsurance manager; or        (8)    may not employ an individual who is also employed by a reinsurer that transacts business with the reinsurance manager, unless the reinsurance manager is under common control with the reinsurer and is subject to Title 7 of this article.    (b)    A reinsurance manager may cede facultative reinsurance contracts under obligatory facultative agreements if the contract between the reinsurance manager and reinsurer contains reinsurance underwriting guidelines for the retrocessions, including:        (1)    a list of reinsurers with which any automatic agreements are in effect;        (2)    the coverages and amounts or percentages that may be reinsured; and        (3)    commission schedules.
MD. Insurance Code Ann. §  8-519 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-519 - Duties of Authorized Insurer; Prohibited Acts; Penalties

    (a)    An authorized insurer shall obtain annually a copy of statements of the financial condition of each reinsurance broker that transacts business with the authorized insurer.    (b)    An authorized insurer may not:        (1)    engage the services of a person to act as a reinsurance broker on its behalf unless the person has complied with this subtitle; or        (2)    employ an individual who also is employed by a reinsurance broker that transacts business with the authorized insurer, unless the reinsurance broker is under common control with the authorized insurer and is subject to Title 7 of this article.    (c)    An authorized insurer that violates any provision of this subtitle is subject to the disciplinary and penalty provisions of §§ 4-113 and 4-114 of this article.
MD. Insurance Code Ann. §  8-520 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 5 - Reinsurance Intermediaries|Section 8-520 - Duties of Reinsurer; Prohibited Acts; Penalties

    (a)    (1)    In this subsection, “actuary” means an individual who is a member in good standing of the American Academy of Actuaries.        (2)    A reinsurer shall obtain annually a copy of statements by an independent certified accountant in a form acceptable to the Commissioner of the financial condition of each reinsurance manager that transacts business with the reinsurer.        (3)    If a reinsurance manager is allowed by contract to maintain loss reserves, a reinsurer shall obtain annually the opinion of an independent actuary attesting to the adequacy of the loss reserves established for losses incurred and outstanding on business produced by the reinsurance manager.        (4)    A reinsurer shall conduct at least semiannually an on-site review of the underwriting and claims processing operations of the reinsurance manager.        (5)    A reinsurer shall notify the Commissioner, in writing, within 30 days after terminating a contract with a reinsurance manager.    (b)    (1)    A reinsurer may not engage the services of a person to act as a reinsurance manager on its behalf unless the person has complied with this subtitle.        (2)    Unless the relationship between the reinsurer and the reinsurance manager is controlled by and disclosed under § 8-106 of this title or Title 7, Subtitles 6 and 7 of this article, a reinsurer may not have on its board of directors an officer, director, employee, agent, or controlling shareholder of its reinsurance manager.    (c)    The binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who is not affiliated with the reinsurance manager.    (d)    (1)    Subject to the hearing provisions of Title 2 of this article, if a reinsurer violates any provision of this subtitle, the reinsurer may be:            (i)    refused approval as an accepted reinsurer; or            (ii)    disapproved as an accepted reinsurer under Title 5, Subtitle 9 of this article.        (2)    In addition to removal as an accepted reinsurer under Title 5, Subtitle 9 of this article, a reinsurer is subject to a civil penalty not exceeding $5,000 for each violation of this subtitle.
MD. Insurance Code Ann. §  8-602 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-602 - Applicability

    This subtitle applies only to a viatical settlement contract between a viator and a viatical settlement provider.
MD. Insurance Code Ann. §  8-603 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-603 - Registration of Providers

    (a)    A person must register with the Commissioner before the person acts as or represents itself as a viatical settlement provider in the State.    (b)    (1)    Except for an individual listed in § 8-601(k)(2) of this subtitle, only an individual who is a viatical settlement broker may negotiate viatical settlement contracts between a viator and one or more settlement providers.        (2)    Not later than 30 days after negotiating a viatical settlement contract on behalf of a viator, a viatical settlement broker shall register with the Commissioner in accordance with § 8-604 of this subtitle.    (c)    Employees and agents of a registered viatical settlement provider or a registered viatical settlement broker may not be required to be separately registered except in accordance with regulations adopted by the Commissioner.
MD. Insurance Code Ann. §  8-604 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-604 - Application; Fee

    An applicant for registration shall:         (1)    file with the Commissioner an application on the form that the Commissioner requires; and        (2)    pay to the Commissioner a registration fee set by the Commissioner.
MD. Insurance Code Ann. §  8-605 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-605 - Representation of Viator; Viator Status Not Limited to Owner or Holder of Policy

    (a)    Notwithstanding the manner in which the viatical settlement broker is compensated, a viatical settlement broker is deemed to represent only the viator and owes a fiduciary duty to the viator to act according to the viator’s instructions and in the best interest of the viator.    (b)    For purposes of this subtitle, a viator may not be limited to an owner or certificate holder of a policy that insures the life of an individual who is terminally ill or chronically ill.
MD. Insurance Code Ann. §  8-605.1 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-605.1 - Duties of Viatical Settlement Brokers

    (a)    At the time of each application for a viatical settlement, a viatical settlement broker shall provide to the viator a written disclosure that, at a minimum, contains a description of the services required by statute to be provided by the viatical settlement broker to the viator.    (b)    A viatical settlement broker may not purchase a policy that is the subject of a viatical settlement brokerage contract between the viatical settlement broker and a viator directly or indirectly through:        (1)    a person owning or controlling an interest in the viatical settlement broker; or        (2)    a person in which any interest is owned or controlled by the viatical settlement broker.    (c)    A viatical settlement broker shall submit to the viator all offers, counteroffers, acceptances, and rejections relating to the placement of the viator’s policy within 72 hours after receipt by the viatical settlement broker.    (d)    (1)    A viatical settlement broker shall provide to the viator a written disclosure of the amount and method of calculating the viatical settlement broker’s compensation, including anything of value received by a viatical settlement broker for the placement of a policy.        (2)    A viatical settlement broker shall provide the disclosure required under this subsection no later than 72 hours before the viatical settlement contract is signed by all parties to the contract.
MD. Insurance Code Ann. §  8-607 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-607 - Expiration of Registration

    (a)    A registration expires at the end of every other year on the anniversary of the registration unless it is renewed as provided in this section.    (b)    Before a registration expires, the registrant may renew it for an additional 2-year term, if the registrant:        (1)    otherwise is entitled to be registered;        (2)    files with the Commissioner a renewal application on the form that the Commissioner requires; and        (3)    pays to the Commissioner a renewal fee of $50.    (c)    An application for renewal of a registration shall be considered made in a timely manner if it is postmarked on or before the anniversary date of the registration of the year of renewal.
MD. Insurance Code Ann. §  8-608 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-608 - Registration -- Denial, Nonrenewal, Suspension, Revocation

    Subject to the hearing provisions of Title 2 of this article, the Commissioner may deny a registration to an applicant or refuse to renew, suspend, or revoke the registration of a registrant if the applicant or registrant:         (1)    knowingly makes a material misstatement in an application for registration;        (2)    fraudulently or deceptively obtains or attempts to obtain a registration for the applicant or registrant or for another;        (3)    has been convicted of a felony or of a misdemeanor involving moral turpitude;        (4)    in connection with the viatical settlement contract and related insurance application, commits fraud or engages in illegal or dishonest activities;        (5)    otherwise has shown a lack of trustworthiness or competence to act as a viatical settlement broker or viatical settlement provider; or        (6)    violates any provision of this subtitle or a regulation adopted under it.
MD. Insurance Code Ann. §  8-609 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-609 - Penalties; Restitution

    Instead of or in addition to suspending or revoking a registration, the Commissioner may:         (1)    impose on the holder a penalty not exceeding $125,000 for each violation of this subtitle; and        (2)    require the holder to make restitution to any person that has suffered financial injury because of the violation of this subtitle.
MD. Insurance Code Ann. §  8-610 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers|Section 8-610 - Violations

    (a)    It is a violation of this subtitle for a viatical settlement broker or viatical settlement provider to:        (1)    violate any provision of this subtitle or any regulation adopted under this subtitle;        (2)    fail to register with the Commissioner in accordance with this subtitle before acting or representing itself as a viatical settlement broker or viatical settlement provider;        (3)    fail to provide a viator with a disclosure statement in accordance with this subtitle;        (4)    fail to allow a viator to rescind a viatical settlement contract up to at least 15 calendar days after the receipt of the viatical settlement proceeds by the viator; and        (5)    fail to deliver to a viator the viatical settlement proceeds in accordance with this subtitle.    (b)    It is a violation of this subtitle for a person to enter into a viatical settlement contract within a 2-year period commencing with the date of issuance of the insurance policy to be acquired under the viatical settlement contract unless:        (1)    the viator certifies to the viatical settlement provider that within the 2-year period:            (i)    the policy was issued on the viator’s exercise of conversion rights arising out of a group or individual policy;            (ii)    the total time covered under the conversion policy and the prior policy is at least 24 months;            (iii)    the time covered under the group policy is calculated without regard to any change in insurance carriers; and            (iv)    the coverage under the group policy has been continuous and under the same group sponsorship;        (2)    the viator submits independent evidence to the viatical settlement provider that within the 2-year period the insured became terminally ill or chronically ill; or        (3)    the viator submits independent evidence to the viatical settlement provider that within the 2-year period the viator or insured disposed of ownership interests in a closely held corporation.    (c)    Any copies of certification or independent evidence required under subsection (b) of this section shall be:        (1)    submitted to the insurer when the viatical settlement provider submits a request to the insurer for verification of coverage; and        (2)    accompanied by a letter of attestation from the viatical settlement provider that the copies of certification or independent evidence required under subsection (b) of this section are true and correct copies of the documents received by the viatical settlement provider.