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§ 3-313. Bond required for certificate of qualification

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 3. Kinds of Insurers
Subtitle 3. Surplus Lines Insurance (Refs & Annos)
MD Code, Insurance, § 3-313
§ 3-313. Bond required for certificate of qualification
Currentness
In general
(a) Before the Commissioner issues a certificate of qualification to an applicant, the applicant shall file with the Commissioner a bond that:
(1) is subject to approval by the Commissioner;
(2) runs to the State;
(3) is executed by the applicant as principal and by a corporate surety insurer authorized to do business in the State;
(4) is in the penal sum of $10,000; and
(5) is conditioned that the broker will:
(i) conduct business in accordance with this article; and
(ii) remit promptly the taxes required by § 3-324 of this subtitle.
Total liability of surety insurer
(b) The total liability of the surety insurer under the bond may not exceed the penal sum of the bond.
Cancellation of bond
(c) The surety insurer may not cancel the bond unless, at least 30 days before canceling the bond, the surety insurer files written notice of the cancellation.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 188.
MD Code, Insurance, § 3-313, MD INSURANCE § 3-313
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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