§ 23-302. Copies of premium finance agreements
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 23-302
§ 23-302. Copies of premium finance agreements
(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.
(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.
(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 legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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