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§ 25-107. License required to act as insurance producer for risk retention or purchasing group

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 25. Alternative Market Mechanisms
Subtitle 1. Maryland Risk Retention Act (Refs & Annos)
MD Code, Insurance, § 25-107
§ 25-107. License required to act as insurance producer for risk retention or purchasing group
Currentness
In general
(a) A person must obtain a license from the Commissioner before the person acts or offers to act as an insurance producer for a risk retention group or purchasing group that solicits members, sells insurance coverage, purchases coverage for its members that are located in the State, or otherwise does business in the State.
Recordkeeping requirements
(b)(1) Each insurance producer acting on behalf of a risk retention group or purchasing group shall keep a complete and separate record of all policies procured from or on behalf of the risk retention group or purchasing group.
(2) The records required by paragraph (1) of this subsection shall be open to inspection by the Commissioner in accordance with § 2-206 of this article.
(3) The records required by paragraph (1) of this subsection shall include:
(i) the limits of liability;
(ii) the policy period;
(iii) the effective date of the policy;
(iv) the name of the insurer that issued the policy;
(v) the gross premium charged;
(vi) the name of the purchasing group that purchased the policy, if applicable; and
(vii) the amount of any return premiums.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 2001, c. 731, § 1, eff. July 2, 2001.
Formerly Art. 48A, § 628.
MD Code, Insurance, § 25-107, MD INSURANCE § 25-107
Current with legislation effective through October 1, 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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