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§ 10-6A-06. Refusal to issue, suspension, revocation, or refusal to renew a limited lines licen...

West's Annotated Code of MarylandInsuranceEffective: July 1, 2018

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 10. Regulation of Insurance Professions
Subtitle 6a. Peer-to-Peer Car Sharing Programs (Refs & Annos)
Effective: July 1, 2018
MD Code, Insurance, § 10-6A-06
§ 10-6A-06. Refusal to issue, suspension, revocation, or refusal to renew a limited lines license
In general
(a) The Commissioner may refuse to issue a limited lines license or suspend, revoke, or refuse to renew a limited lines license to sell insurance in connection with, and incidental to, a peer-to-peer car sharing program agreement issued under this subtitle after notice and opportunity for a hearing under Title 2, Subtitle 2 of this article if the peer-to-peer car sharing program or an employee or authorized representative of the peer-to-peer car sharing program has:
(1) willfully violated this article or another State law that relates to insurance;
(2) operated without a limited lines license to sell insurance in connection with, and incidental to, a peer-to-peer car sharing program agreement as required under this subtitle;
(3) failed to provide required disclosures;
(4) offered or sold unapproved insurance products;
(5) failed to hold an appointment with the insurer;
(6) failed to train employees and authorized representatives selling or soliciting, or negotiating the sale of, insurance products on behalf of the peer-to-peer car sharing program; or
(7) misrepresented pertinent facts or policy provisions that relate to the coverage offered or sold under this subtitle.
Representation as an authorized insurer
(b) A peer-to-peer car sharing program and its employees and authorized representatives may not advertise, represent, or otherwise hold itself out as an authorized insurer, or as an insurance producer, for any kind or subdivision of insurance.
Penalty or restitution
(c) Instead of, or in addition to, suspending or revoking a limited lines license to sell insurance in connection with, and incidental to, a peer-to-peer car sharing program agreement, the Commissioner may:
(1) impose on the peer-to-peer car sharing program a penalty of not less than $100 but not more than $2,500 for each violation of this subtitle; and
(2) require that restitution be made to any person who has suffered financial injury because of the violation of this article.

Credits

Added by Acts 2018, c. 852, § 1, eff. July 1, 2018.
MD Code, Insurance, § 10-6A-06, MD INSURANCE § 10-6A-06
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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