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§ 23-502. Inducements

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 23. Premium Financing
Subtitle 5. Prohibited Acts; Penalties (Refs & Annos)
MD Code, Insurance, § 23-502
§ 23-502. Inducements
Currentness
Payment of fees as inducement to finance insurance contract
(a) A person may not pay any part of an initial service fee or any other fee or charge to an insurance producer, employee of an insurance producer, or to any other person as an inducement to financing an insurance contract with a premium financing company.
Consideration accepted as inducement to finance insurance premium
(b) An insurance producer, employee of an insurance producer, or any other person may not accept, directly or indirectly, any valuable consideration as an inducement to facilitate an agreement to finance an insurance premium that contains an assignment of or is otherwise secured by the unearned premium or refund obtainable from an insurer on cancellation of an insurance contract.

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. 731, § 1, eff. July 2, 2001; Acts 2006, c. 182, § 1, eff. Oct. 1, 2006.
Formerly Art. 48A, § 486E.
MD Code, Insurance, § 23-502, MD INSURANCE § 23-502
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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