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§ 8-507. Issuance of license

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, § 8-507
§ 8-507. Issuance of license
In general
(a) The Commissioner shall issue a license to each applicant that:
(1) meets the requirements of this subtitle; and
(2) pays the applicable fee for a license for an insurance producer under § 2-112 of this article.
Grounds for refusal to issue license
(b)(1) In this subsection, “controlling person” means a person that directly or indirectly has the power to direct, or cause to be directed, the management, control, or activities of a reinsurance intermediary.
(2) The Commissioner may refuse to issue a license if the Commissioner finds that the applicant, an individual named on the application, a member, principal, officer, or director of the applicant, or a controlling person of the applicant:
(i) is not trustworthy to act as a reinsurance intermediary;
(ii) has given cause for revocation or suspension of a license; or
(iii) has failed to comply with a requirement for issuance of a license.
(3) On written request, the Commissioner shall provide a summary of the basis for the refusal to issue a license.
(4) The summary of the basis for refusal is privileged and is not a public document under Title 10, Subtitle 6 of the State Government Article.

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, §§ 714, 719.
MD Code, Insurance, § 8-507, MD INSURANCE § 8-507
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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