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Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.05 - Bail Bonds › Section 31.03.05.11 - Premium Receipts

Current through Register Vol. 51, No. 14, July 12, 2024
A. A bail bondsman who collects a premium shall provide a numbered receipt to the person paying the premium. A copy of the receipt shall be retained by the bail bondsman and maintained in accordance with Regulation .10 of this chapter.
B. A receipt shall contain the following information:
(1) The name, place of business, address, and telephone number of the bail bondsman who collected the premium;
(2) An itemized statement of the amount of bail and the jurisdiction for which the bond is being written;
(3) An itemized statement of the premium charged;
(4) The amount collected by the surety insurance producer;
(5) The unpaid balance, if any;
(6) The amount, value, and description of any collateral received;
(7) The following statement, in capital and bold letters of at least 12-point font, at the bottom of the receipt: THE PERSON PAYING THE PREMIUM MUST RECEIVE A COPY OF THIS RECEIPT AT THE TIME OF MAKING A PAYMENT; and
(8) The insurance producer license number and the printed and signed name of the bail bondsman collecting the premium.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.05 - Bail Bonds › Section 31.03.05.12 - Forms

Current through Register Vol. 51, No. 14, July 12, 2024
A bail bondsman shall:
A. Ensure that each document provided to, or executed by, the person signing the indemnity agreement contains the name and insurance producer license number of the bail bondsman providing the bail bondsman services and the bail bond insurance producer firm, if any; and
B. Provide the person to whom the bail bondsman services are provided with a copy of:
(1) A premium receipt at the time the premium is paid;
(2) A collateral receipt at the time the collateral is given; and
(3) An installment agreement or indemnity agreement at the time that any such document is signed.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.05 - Bail Bonds › Section 31.03.05.13 - Collateral

Current through Register Vol. 51, No. 14, July 12, 2024
A. A bail bondsman shall, in an affidavit, describe in detail any collateral received in connection with the sale of a bail bond and the terms of an indemnity or collateral agreement; and
B. A bail bondsman shall provide a copy of the affidavit to the person signing the indemnity agreement or the person signing the collateral agreement.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.05 - Bail Bonds › Section 31.03.05.14 - Return of Collateral

Current through Register Vol. 51, No. 14, July 12, 2024
A. Immediately upon the discharge of a bail bond, the bail bondsman shall return any collateral held by the bail bondsman. Upon receiving a request for return of collateral, the bail bondsman shall promptly determine whether the bail bond has been discharged.
B. The bail bondsman may deduct any unpaid premiums due on the bail bond from any collateral being returned.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.05 - Bail Bonds › Section 31.03.05.15 - Installment Agreement Form

Current through Register Vol. 51, No. 14, July 12, 2024
Note: This form appears at the end of the Proposed Action on Regulations section of this issue of the Maryland Register.
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Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of this chapter is to establish procedures for compliance with the Surplus Line Insurance Law, Insurance Article, Title 3, Subtitle 3, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.02 - Maryland Surplus Lines Brokers' Licenses

Current through Register Vol. 51, No. 14, July 12, 2024
Before placing any surplus line or otherwise acting as a surplus lines broker, where Maryland is the Home State of the insured, it will be the responsibility of each individual so acting to acquire a valid Maryland surplus lines broker's certificate of qualification. The broker will be held responsible for securing timely renewals of the broker's certification of qualification in order to place new business and provide a continuity of service to clients for whom the broker has previously acted. Each original surplus lines broker's certificate of qualification shall be issued for a term expiring every other year on the date stated on the certificate of qualification and may be renewed biennially thereafter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.03 - Surplus Lines Affidavits

Current through Register Vol. 51, No. 14, July 12, 2024
A surplus lines broker placing a surplus lines coverage shall execute the affidavit required by Insurance Article, §
									3-307, Annotated Code of Maryland, on a form provided by the Commissioner, or containing all of the information required by the Commissioner, and shall file the affidavit with the Commissioner on or before the 45th day after the last day of the quarter in which the insurance was placed.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.04 - Residential Property - Substantially Similar Renewal Offer

Current through Register Vol. 51, No. 14, July 12, 2024
A. Presumption. For purposes of Insurance Article, §
									3-306(a)(5)(iii), Annotated Code of Maryland, a renewal offer by an authorized insurer for coverage on residential property is presumed to be made on substantially the same terms and conditions as the current coverage unless the renewal offer:
(1) Contains an increase in premium of 20 percent or more;
(2) Contains an increase in the deductible of 100 percent or more; or
(3) Contains or omits any other term or condition that the Commissioner has determined in writing to result in the terms and conditions of the renewal offer not being substantially similar to the terms and conditions of the current coverage.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.05 - Surplus Lines Reports and Premium Receipts Tax

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each surplus lines broker that has transacted surplus lines business in the State during the preceding half calendar year shall file with the Commissioner a semiannual statement that reports on business subject to the tax imposed by Insurance Article, §
									3-324, Annotated Code of Maryland, during the preceding half calendar year. The report shall be made in accordance with the form prescribed by the Commissioner and available from the Commissioner's office.
B. The broker shall deliver the report to the office of the Commissioner on or before March 15 and September 15 of each year.
C. The March 15 report shall cover the business placed between July 1 and December 31, inclusive, of the preceding calendar year. The September report shall cover the business placed between January 1 and June 30, inclusive, of the calendar year in which the report is made.
D. The reports shall be open to public inspection and shall include:
(1) The gross amount of each kind of insurance business transacted and the aggregate gross premiums charged;
(2) The aggregate of returned premiums and taxes paid to insureds;
(3) The aggregate of net premiums; and
(4) Any additional information required by the form.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.06 - Compliance with Filing and Premium Receipts Tax Payment Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. A report, affidavit, or return that must be filed under this chapter complies with the filing requirement if the report, affidavit, or return is:
(1) Mailed or postmarked by the United States Postal Service on or before the filing date;
(2) Delivered on or before the filing date to a private delivery service recognized by the Commissioner, if the delivery is evidenced by a receipt; or
(3) Transmitted electronically on or before the filing date in a manner approved by the Commissioner.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.07 - Books and Records

Current through Register Vol. 51, No. 14, July 12, 2024
A. Every surplus lines broker shall keep a separate record and account of all business transacted under the surplus lines broker's license, including a copy of each daily report, if any, and of each binder or cover note delivered by the surplus lines broker. The records shall be available for examination by the Commissioner at any reasonable time within 3 years after the issuance of the coverage to which the records relate.
B. Every surplus lines broker shall maintain an adequate record of all return or additional premiums resulting from cancellations, adjustments made on deposit or minimum premiums, audit premiums, additional or return premiums as a result of endorsement to existing policies, additional or return premiums resulting from changes in the amount or type of coverage, and other changes resulting from any other cause.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.08 - Illegal Coverage

Current through Register Vol. 51, No. 14, July 12, 2024
A surplus lines broker may not place with an unauthorized insurer any risk, whether individual or group, including any fictitious fleet or fictitious group, which is not eligible for placement with authorized insurers under the provisions of the Insurance Article, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.09 - Disclosure Form

Current through Register Vol. 51, No. 14, July 12, 2024
A. Printing Specifications; Provision of Form to Insured. The written disclosure required by Insurance Article, §
									3-308, Annotated Code of Maryland, shall be:
(1) In the form set forth in §B of this regulation in at least 14-point type;
(2) On a separate piece of paper that:
(a) Contains only the disclosure; and
(b) Is attached to the insurance contract or binder; and
(3) Provided to the insured at the time of the initial purchase or delivery of an insurance contract or binder from a surplus lines insurer and at each renewal of the insurance contract.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.06 - Surplus Lines › Section 31.03.06.11 - Exempt Commercial Purchaser - Waiver of Diligent Search Requirement

Current through Register Vol. 51, No. 14, July 12, 2024
A. Scope. This regulation does not apply to:
(1) Professional liability insurance;
(2) Title insurance; or
(3) Workers' compensation insurance.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.07 - Installment Vendors Doing Business in Maryland (Such as Auto Dealers, Boat Dealers, Appliance Dealers, Loan Companies › Section 31.03.07.01 - Violations

Current through Register Vol. 51, No. 14, July 12, 2024
It has come to the attention of the Insurance Administration that installment vendors may be selling insurance in conjunction with their retail installment sales without proper insurance producers' licenses. These sales or service of insurance are violations of the Insurance Article, Annotated Code of Maryland, and this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.07 - Installment Vendors Doing Business in Maryland (Such as Auto Dealers, Boat Dealers, Appliance Dealers, Loan Companies › Section 31.03.07.02 - Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
Installment vendors shall comply with the requirements of Insurance Article, 1-201, 10-103, 10-130, and 10-131, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.07 - Installment Vendors Doing Business in Maryland (Such as Auto Dealers, Boat Dealers, Appliance Dealers, Loan Companies › Section 31.03.07.03 - Employees To Read this Chapter

Current through Register Vol. 51, No. 14, July 12, 2024
Installment vendors should make certain that this chapter of regulations is read by all their employees that may be affected by it.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.07 - Installment Vendors Doing Business in Maryland (Such as Auto Dealers, Boat Dealers, Appliance Dealers, Loan Companies › Section 31.03.07.04

Current through Register Vol. 51, No. 14, July 12, 2024
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.09 - Staggered System for Renewal of Licenses › Section 31.03.09.01 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Administration" means the Maryland Insurance Administration.
(2) "License" has the meaning stated in Insurance Article, §
										10-101(d), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.09 - Staggered System for Renewal of Licenses › Section 31.03.09.02 - Establishment of Staggered System of Renewals

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. The Administration may establish a staggered system of renewal for licenses.
B. Uniform Distribution of Renewal Dates.
(1) The Administration shall establish staggered renewal dates for licenses so that approximately the same number of licenses are renewed each day.
(2) From time to time, the Administration shall evaluate the monthly volume of license renewals for the purpose of maintaining relatively uniform workloads.
(3) The Administration may adjust the monthly volumes of license renewals by:
(a) Changing the month of expiration of a license;
(b) Prorating the renewal fee for the license and the fraud prevention fee in accordance with Regulation .04 of this chapter; and
(c) Prorating the continuing education hours for renewal of the license in accordance with Regulation .05 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.09 - Staggered System for Renewal of Licenses › Section 31.03.09.03 - Term and Renewal of Licenses

Current through Register Vol. 51, No. 14, July 12, 2024
A. Term. The term of a license is 2 years from the date of issuance.
B. Renewal. The Administration shall renew licenses for a term of 2 years from the date of renewal unless the Administration changes the expiration date under Regulation .02B(3) of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.09 - Staggered System for Renewal of Licenses › Section 31.03.09.04 - Proration of Fees

Current through Register Vol. 51, No. 14, July 12, 2024
A. Renewal Fees. If the Administration is required to charge a prorated renewal fee for a license, the Administration shall calculate the amount of the prorated fee by:
(1) Dividing the appropriate renewal fee listed in Insurance Article, §
										2-112, Annotated Code of Maryland, by 24;
(2) Multiplying the quotient obtained under §A(1) of this regulation by the number of months for which the license is issued or renewed; and
(3) Rounding the product obtained under §A(2) of this regulation to the nearest dollar, with amounts ranging from 1 cent to 50 cents rounded down to the next lower dollar and amounts ranging from 51 cents to 99 cents rounded up to the next higher dollar.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.09 - Staggered System for Renewal of Licenses › Section 31.03.09.05 - Proration of Continuing Education Credit Hours

Current through Register Vol. 51, No. 14, July 12, 2024
A. General Continuing Education Requirements. Except as otherwise provided by Insurance Article, §
									10-116, Annotated Code of Maryland, the holder of a license shall complete 16 credit hours of continuing education before the holder may renew the license.
B. Proration.
(1) The holder of a license whose date of expiration is changed by the Administration pursuant to Regulation .02B(3)(a) of this chapter, who has held a license for fewer than 25 consecutive years, shall successfully complete the following number of credit hours of continuing education before the holder may renew the license and receive a license with a 2-year term:
(a) For a license changed to a term of 1 year to 1-1/2 years, 8 credit hours;
(b) For a license changed to a term of more than 1-1/2 years but not more than 2 years, 12 credit hours;
(c) For a license changed to a term of more than 2 years but not more than 2-1/2 years, 16 credit hours; or
(d) For a license changed to a term of more than 2-1/2 years but not more than 3 years, 20 credit hours.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.10 - Advisors › Section 31.03.10.01 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Adviser" has the meaning stated in Insurance Article, §
										10-201(b), Annotated Code of Maryland.
(2) "Licensed insurance producer" has the meaning stated in Insurance Article, §
										1-101(w), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.10 - Advisors › Section 31.03.10.02 - Representation by Member of Trade Association

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. A person is not required to be licensed as an adviser under Insurance Article, §
									10-203, Annotated Code of Maryland, in order to represent to the public that the person is a member of a trade association or similar organization that uses the term "insurance adviser" or a similar term in the name of the association or organization if the person:
(1) Is a member in good standing of the trade association or similar organization at the time that the person makes the representation;
(2) Does not otherwise act as an adviser or represent that the person is an adviser; and
(3) Makes the representation in accordance with the requirements of §B of this regulation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.11 - Motor Vehicle Rental Companies-Limited Lines License › Section 31.03.11.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter applies to motor vehicle rental companies that sell or offer any insurance coverage in this State to a motor vehicle renter in connection with, and incidental to, a motor vehicle rental agreement.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.11 - Motor Vehicle Rental Companies-Limited Lines License › Section 31.03.11.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Franchisee" means a person to whom a franchise has been granted by a motor vehicle rental company under Business Regulation Article, Title 14, Subtitle 2, Annotated Code of Maryland.
(2) "Limited lines license" means a limited lines license to sell insurance in connection with, and incidental to, the rental of a vehicle.
(3) Motor Vehicle Rental Company.
(a) "Motor vehicle rental company" means a person that is in the business of providing motor vehicles to the public under a rental agreement for a period of 180 days or less.
(b) "Motor vehicle rental company" includes a franchisee or subsidiary that is in the business of providing motor vehicles to the public under a rental agreement for a period of 180 days or less.
(4) "Rental agreement" means a written agreement containing the terms and conditions that govern the use of a vehicle provided by a motor vehicle rental company under the provisions of Transportation Article, Title 18, Annotated Code of Maryland.
(5) "Renter" means a person obtaining the use of a vehicle from a motor vehicle rental company under the terms of a rental agreement.
(6) "Subsidiary" means a business entity that is directly or indirectly controlled by a motor vehicle rental company.
(7) "Vehicle" means a motor vehicle of the:
(a) Private passenger type, including passenger vans, minivans, and sport utility vehicles; or
(b) Cargo type, including cargo vans, pickup trucks, and trucks that do not require the operator to possess a commercial driver's license.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.11 - Motor Vehicle Rental Companies-Limited Lines License › Section 31.03.11.03 - Limited Lines License and Appointment Required

Current through Register Vol. 51, No. 14, July 12, 2024
Before a motor vehicle rental company or an employee of a motor vehicle rental company sells or offers any policies of insurance in this State to a renter in connection with, and incidental to, a rental agreement, the motor vehicle rental company shall:
A. Hold a limited lines license issued by the Commissioner; and
B. Have on file with the Commissioner an appointment from each authorized insurer that the motor vehicle rental company intends to represent.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.11 - Motor Vehicle Rental Companies-Limited Lines License › Section 31.03.11.04 - Application for Limited Lines License

Current through Register Vol. 51, No. 14, July 12, 2024
An applicant for a limited lines license shall:
A. Submit an application to the Commissioner on the form approved by the Commissioner;
B. Pay to the Commissioner the applicable fee required under Insurance Article, §
									2-212, Annotated Code of Maryland, for an insurance producer license;
C. Submit with the application a disclosure as set out in Regulation .06 of this chapter, including any brochures or other written material;
D. Submit with the application the filing required by Regulation .07C of this chapter that describes the training program that a motor vehicle rental company must have approved by the Commissioner;
E. If applicable, submit a written agreement signed by an officer of each insurer represented by the motor vehicle rental company that the premiums collected from a renter for the insurance do not need to be segregated from other funds collected by the motor vehicle rental company in connection with the vehicle rental; and
F. Submit any other information or documentation that the Commissioner requires, including any information or documentation to determine the professional competence, good character, and trustworthiness of the motor vehicle rental company.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.11 - Motor Vehicle Rental Companies-Limited Lines License › Section 31.03.11.05 - Issuance, Term, and Renewal of Limited Lines License

Current through Register Vol. 51, No. 14, July 12, 2024
A. Issuance. The Commissioner shall issue a limited lines license to each applicant who meets the requirements of Regulation .04 of this chapter and Insurance Article, §§
									10-603 and  10-604, Annotated Code of Maryland.
B. Term and Renewal. A limited lines license expires every other year on the anniversary date of the issuance of the license unless renewed as provided in Insurance Article, §
									10-115, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.11 - Motor Vehicle Rental Companies-Limited Lines License › Section 31.03.11.06 - Disclosures

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. Before the completion of a rental transaction, a motor vehicle rental company shall provide to a prospective renter who purchases any of the insurance coverages a disclosure that meets the requirements of this regulation.
B. Sale or Offer of Insurance on Business Premises. If a motor vehicle rental company sells or offers to sell insurance on any business premises of the motor vehicle rental company in connection with, and incidental to, a rental agreement, the motor vehicle rental company shall prominently display on the premises and make readily available to prospective renters a disclosure that meets the requirements of §F of this regulation.
C. Sale or Offer of Insurance Over Telephone. If a motor vehicle rental company sells or offers to sell insurance over the telephone in connection with, and incidental to, a rental agreement, the motor vehicle rental company shall, if the prospective renter requests insurance coverage or information on insurance coverage or otherwise indicates an interest in insurance coverage, advise the prospective renter that the State of Maryland has a consumer disclosure relating to insurance coverage for rental vehicles and offer to read the prospective renter a disclosure that meets the requirements of §F of this regulation.
D. Sale or Offer of Insurance Through a Web Site. If a motor vehicle rental company sells or offers to sell insurance through a web site in connection with, and incidental to, a rental agreement, the motor vehicle rental company shall include on the web site an electronic disclosure that meets the requirements of §F of this regulation:
(1) As part of any description of the insurance coverage that is included on the web site; and
(2) On the same screen in close proximity to any click-through process or other electronic process that allows a prospective renter to indicate that the prospective renter would like to purchase insurance.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.11 - Motor Vehicle Rental Companies-Limited Lines License › Section 31.03.11.07 - Training Program

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General.
(1) Each motor vehicle rental company shall have a training program for its employees who sell, solicit, or negotiate insurance coverage under this chapter.
(2) Employees shall take the course, in person, before selling, soliciting, or negotiating insurance coverage.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of this chapter is to establish procedures and requirements for individuals who are required by 18 U.S.C. §
										1033 to obtain written consent from the Commissioner before the individuals may engage in the business of insurance in the State.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) Application Form.
(a) "Application form" means a standardized application form developed by the Insurance Administration for submission by individuals applying for a written consent to engage in the business of insurance in the State under this chapter.
(b) "Application form" includes the short application form and the comprehensive application form.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.03 - Written Consent Required

Current through Register Vol. 51, No. 14, July 12, 2024
A. Scope. This regulation applies to the following individuals:
(1) An officer, director, or employee of a domestic insurer;
(2) An individual who performs substantial insurance-related activities for a domestic insurer or a resident licensee, including:
(a) An insurance producer;
(b) A third-party administrator;
(c) An independent contractor;
(d) An actuary;
(e) A reinsurer;
(f) An underwriter; and
(g) An adjuster; and
(3) An individual who maintains a resident license or certificate of qualification in Maryland, including:
(a) An insurance producer;
(b) A managing general agent;
(c) An adjuster;
(d) A SHOP exchange navigator; and
(e) An individual exchange navigator.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.04 - Application for Written Consent

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. An individual who is required to obtain written consent to engage in the business of insurance shall comply with the requirements of this regulation.
B. Application Form.
(1) Except as provided in §B(2) of this regulation, an applicant for written consent shall submit the short application form to the Commissioner.
(2) An applicant for written consent shall submit the comprehensive application form to the Commissioner if:
(a) The applicant intends to act as an insurance producer; or
(b) Following review of the applicant's short application form, the Commissioner:
(i) Determines that the applicant may be a threat to the public; and
(ii) Requests the applicant to submit a comprehensive application form.
(3) An applicant shall attach two recent 2 inch by 2 inch photographs of the applicant to the upper right hand corner of the application form.
(4) The application form shall include a notarized signature of the applicant affirming that the information provided in the application form is truthful and complete.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.05 - Review of Application

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. On receipt of an application for written consent and the required accompanying information, the Commissioner shall review the application and information in accordance with this regulation to determine if the applicant should be granted written consent to engage in the business of insurance in the State.
B. Notification of NAIC Members.
(1) On receipt of an application for written consent, the Commissioner shall notify all other members of the NAIC that an application for written consent has been filed, identifying:
(a) The name, address, and Social Security number of the applicant; and
(b) The types of insurance activities to be conducted by the applicant.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.06 - Grant of Written Consent

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. If the Commissioner decides to grant the applicant's request for written consent, the Commissioner shall issue a written consent to the applicant.
B. Scope of Written Consent.
(1) The written consent shall be:
(a) Specific as to job duties; and
(b) Conditioned on the individual remaining in a position with substantially similar duties.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.07 - Denial of Written Consent

Current through Register Vol. 51, No. 14, July 12, 2024
A. Order. If the Commissioner denies the applicant's request for written consent, the Commissioner shall issue an order that:
(1) States that the request is denied; and
(2) Explains the reasons for the denial.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.08 - Hearing

Current through Register Vol. 51, No. 14, July 12, 2024
The Commissioner shall hold a hearing in accordance with Insurance Article, §
									2-210, Annotated Code of Maryland, on the demand of any applicant who is aggrieved by:
A. The denial of written consent by the Commissioner; or
B. The scope of a written consent issued by the Commissioner.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.12 - Procedures - Written Consent - Federal Law › Section 31.03.12.09 - Subsequent Conviction

Current through Register Vol. 51, No. 14, July 12, 2024
A. Written Consent Invalidated Immediately. If an individual who has been granted written consent is subsequently convicted of a felony, the written consent of the individual is invalidated immediately without the necessity of any further action by the Commissioner.
B. Notification. An individual who has been granted written consent and is subsequently convicted of a felony shall:
(1) Immediately notify the Commissioner, the individual's employer, and any insurers with which the individual holds an appointment; and
(2) Provide to the Commissioner all relevant documents and information about the felony conviction.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.13 - Producer Registers and Documentation of Appointments › Section 31.03.13.01 - Definition

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following term has the meaning indicated.
B. Term Defined. "Producer register" means a register of appointed insurance producers who are authorized to sell, solicit, or negotiate contracts of insurance on behalf of an insurer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.13 - Producer Registers and Documentation of Appointments › Section 31.03.13.02 - Producer Register

Current through Register Vol. 51, No. 14, July 12, 2024
A. Required. An insurer authorized to transact the business of insurance in the State shall maintain a producer register.
B. Form and Content.
(1) Within 30 days after appointing an insurance producer, an insurer shall add the following information to the insurer's producer register:
(a) The internal code for the insurance producer;
(b) The Maryland license number of the insurance producer;
(c) If the insurance producer is a business entity, the tax ID number of the insurance producer;
(d) If the insurance producer is an individual:
(i) The first name of the individual; and
(ii) If known, the middle name or middle initial of the individual;
(e) If the insurance producer is an individual, the last name of the individual or, if the insurance producer is a business entity, the name of the business entity;
(f) The business or home address of the insurance producer, consisting of:
(i) The street address of the insurance producer;
(ii) The city of the insurance producer;
(iii) The state of the insurance producer; and
(iv) The zip code of the insurance producer; and
(g) The date that the insurance producer was appointed.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.13 - Producer Registers and Documentation of Appointments › Section 31.03.13.03 - Updating and Maintaining Producer Register

Current through Register Vol. 51, No. 14, July 12, 2024
A. At least once every 31 days, an insurer shall determine whether the license of any insurance producer who currently is appointed by the insurer has been suspended or revoked.
B. After determining that the license of an insurance producer who currently is appointed by an insurer has been suspended or revoked, the insurer shall:
(1) Within 5 business days after making the determination, terminate the appointment of the insurance producer; and
(2) Within 30 days after the effective date of the termination, update the insurer's producer register to reflect the termination of the appointment in accordance with Regulation .02B(2) of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.13 - Producer Registers and Documentation of Appointments › Section 31.03.13.04 - Documentation of Appointment

Current through Register Vol. 51, No. 14, July 12, 2024
A. Within 30 days after appointing an insurance producer, an insurer shall provide the insurance producer with written documentation of the appointment that contains, at a minimum:
(1) The name of the insurer;
(2) The date that the documentation was provided to the insurance producer;
(3) The Maryland license number of the insurance producer;
(4) If the insurance producer is an individual, the first and last name of the individual;
(5) If the insurance producer is a business entity entity, the name of the business entity;
(6) The date that the insurance producer was appointed; and
(7) The following statement, prominently displayed on the written documentation: "This document shall be retained while your appointment is in effect and for at least 5 years after the termination of your appointment."
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.13 - Producer Registers and Documentation of Appointments › Section 31.03.13.05 - Maintenance of Information by Insurance Producer

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensed insurance producer that has received written documentation of an appointment from an insurer shall maintain:
(1) The documentation of the insurer's appointment that is provided by the insurer under Regulation .04 of this chapter; and
(2) A list of insurers that have appointed the insurance producer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.13 - Producer Registers and Documentation of Appointments › Section 31.03.13.06 - Producer Action on Behalf of Insurer

Current through Register Vol. 51, No. 14, July 12, 2024
On appointment by an insurer, a licensed producer that has written documentation of the appointment pursuant to Regulation .04 of this chapter may act on behalf of the insurer before the insurer adds the producer to its register.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.14 - Notice of Payment Options When Premium Financing is Offered › Section 31.03.14.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
A. The purpose of this chapter is to assure fair disclosure of availability of alternative payment plans and financing options when consumers purchase property and casualty insurance.
B. This chapter is also designed to aid consumers by creating an industry standard with regard to required disclosure of insurers' alternative payment plans and premium financing agreements.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.14 - Notice of Payment Options When Premium Financing is Offered › Section 31.03.14.02 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter does not apply to life insurance, health insurance, or annuities.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.14 - Notice of Payment Options When Premium Financing is Offered › Section 31.03.14.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Casualty insurance" has the meaning stated in Insurance Article, §
										1-101, Annotated Code of Maryland.
(2) "Insurance producer" has the meaning stated in Insurance Article, §
										1-101, Annotated Code of Maryland.
(3) "Policy" means an individual or group policy, contract, or certificate issued by an insurer.
(4) "Premium finance agreement" has the meaning stated in Insurance Article, §
										23-101, Annotated Code of Maryland.
(5) "Premium finance company" has the meaning stated in Insurance Article, §
										23-101, Annotated Code of Maryland.
(6) "Property insurance" has the meaning stated in Insurance Article, §
										1-101, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.14 - Notice of Payment Options When Premium Financing is Offered › Section 31.03.14.04 - Notice of Payment Options

Current through Register Vol. 51, No. 14, July 12, 2024
A. With respect to property and casualty insurance policies, an insurance producer may not finance an insurance premium unless the insurance producer first makes a disclosure to the applicant or insured that:
(1) Provides the applicant or insured with a comparison of the costs and terms of the premium finance agreement with the insurer's alternative payment plan or plans, if the insurer offers an alternative; and
(2) Is signed by the applicant or insured.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.14 - Notice of Payment Options When Premium Financing is Offered › Section 31.03.14.05 - Retention of Signed Disclosure Forms

Current through Register Vol. 51, No. 14, July 12, 2024
A. An insurance producer that has provided an insured or applicant for property and casualty insurance with the various payment options available shall maintain the signed disclosure form required under Regulation .04 of this chapter, for a period of at least 5 years after the date the disclosure form is signed.
B. If an insurance producer maintains the signed disclosure form required to be maintained under §A of this regulation electronically, the insurance producer shall maintain the signed disclosure form in a manner that allows the form to be retrieved within 10 working days after a request from the Insurance Commissioner.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.15 - Senior or Retiree Designations and Credentials › Section 31.03.15.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of this chapter is to protect seniors and retirees as purchasers of health insurance, life insurance, and annuity contracts, against the use of sales methods which are misleading.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.15 - Senior or Retiree Designations and Credentials › Section 31.03.15.02 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter applies to advisors and insurance producers.
B. Under this chapter it is a violation of Insurance Article, Title 27, Annotated Code of Maryland, to use a senior specific designation or certification in a way that misleads or would mislead any person to indicate that the user has special certification or training in advising or serving senior citizens or retirees:
(1) When advising about life insurance, health insurance, or annuities; or
(2) In connection with the offer, sale, or purchase of life insurance, health insurance, or annuities.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS › Chapter 31.03.15 - Senior or Retiree Designations and Credentials › Section 31.03.15.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Advisor" has the meaning stated in Insurance Article, §
										10-201, Annotated Code of Maryland.
(2) "Annuity" means annuity as defined in Insurance Article, §
										1-101, Annotated Code of Maryland.
(3) "Commissioner" means the Maryland Insurance Commissioner.
(4) "Financial services regulatory agency" includes, for the purposes of this chapter, an agency that regulates broker-dealers, investment advisers, or investment companies as defined under the Investment Company Act of 1940.
(5) "Health insurance" has the meaning stated in Insurance Article, §
										1-101, Annotated Code of Maryland.
(6) "Life insurance" has the meaning stated in Insurance Article, §
										1-101, Annotated Code of Maryland.
(7) "Insurance producer" has the meaning stated in Insurance Article, §
										1-101, Annotated Code of Maryland.