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§ 23-302. Copies of premium finance agreements

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 23. Premium Financing
Subtitle 3. Premium Finance Agreements; Charges and Fees (Refs & Annos)
MD Code, Insurance, § 23-302
§ 23-302. Copies of premium finance agreements
Copies given to agency issuing policy and insurers involved
(a) A copy of each premium finance agreement or other notice of a premium finance agreement that describes the policy or policies involved shall be given to the agency issuing the policy or policies or to the insurers involved.
Policies procured through surplus lines broker
(b)(1) If a policy is procured through a surplus lines broker licensed in the State, and payment is not made directly to the surplus lines broker or the insurer, a copy of the premium finance agreement or other notice of the premium finance agreement shall be sent to the surplus lines broker by the insurance producer or premium finance company.
(2) A premium finance company may require an insurance producer who procures premium financing to:
(i) send to the surplus lines broker the notice required under paragraph (1) of this subsection within 10 business days of the execution of a premium finance agreement; and
(ii) provide to the premium finance company, within 10 business days of receipt of a policy, the insurer's name, policy number, and any other information necessary to complete a premium finance agreement.
Fully completed and executed premium finance agreement
(c) When a premium finance agreement is signed, the premium finance company, or the insurance producer, if applicable, shall provide the insured with, or cause the insured to be provided with, a legible copy of the fully completed and executed premium finance agreement.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 708, § 1, eff. Oct. 1, 1997; Acts 2001, c. 219, § 1, eff. Oct. 1, 2001; Acts 2001, c. 731, §§ 1, 9, eff. July 2, 2001; Acts 2002, c. 19, § 5, eff. April 9, 2002.
Formerly Art. 48A, §§ 486B, 486C.
MD Code, Insurance, § 23-302, MD INSURANCE § 23-302
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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