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§ 8-503. License required to act as reinsurance manager or reinsurance broker

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 5. Reinsurance Intermediaries (Refs & Annos)
MD Code, Insurance, § 8-503
§ 8-503. License required to act as reinsurance manager or reinsurance broker
Lawyers admitted to bar
(a) This section does not apply to a lawyer admitted to the bar of the State while acting within the scope of the profession of the lawyer.
License requirements
(b)(1) Except as otherwise provided in paragraph (2) of this subsection, before a person acts as a reinsurance manager or reinsurance broker in the State, the person:
(i) in the case of a person that maintains an office in the State:
1. must obtain a license under this subtitle; or
2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article; or
(ii) in the case of a person that maintains an office in another state:
1. must obtain a license under this subtitle or under a law of another state that is substantially similar to this subtitle; or
2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article or under a law of another state that is substantially similar to Title 10, Subtitle 1 of this article.
(2) Before a person acts as a reinsurance manager for a reinsurer domiciled in the State, the person must:
(i) obtain a license under this subtitle; or
(ii) qualify as an insurance producer under Title 10, Subtitle 1 of this article.
(3) This subsection applies to a person that maintains an office in the State either directly or as a member or employee of a firm or association or as an officer, director, or employee of a corporation that maintains an office in the State.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2001, c. 731, § 1, eff. July 2, 2001.
Formerly Art. 48A, § 715.
MD Code, Insurance, § 8-503, MD INSURANCE § 8-503
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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