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§ 3-316.1. Reinstatement of 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, § 3-316.1
§ 3-316.1. Reinstatement of certificate of qualification
Currentness
In general
(a) On or before September 30 of the renewal year, a person whose surplus lines broker's certificate of qualification has expired may reinstate the expired certificate of qualification by:
(1) filing with the Commissioner the appropriate reinstatement application;
(2) paying to the Commissioner the applicable reinstatement fee required under subsection (b) of this section; and
(3) complying with the bond requirement of § 3-313 of this subtitle.
Reinstatement fee
(b)(1) The fee for a reinstatement under this section shall be:
(i) the amount charged for a full renewal period for the type of certificate of qualification held by the person seeking the reinstatement; and
(ii) 1. $25 for reinstatement during the period from July 1 through July 31;
2. $50 for reinstatement during the period from August 1 through August 31; and
3. $75 for reinstatement during the period from September 1 through September 30.
(2) The Commissioner may limit the reinstatement fee to the amount of the renewal fee in cases where the reinstatement applicant did not make timely renewal because of temporary incapacity, hospitalization, or other hardship.
Effect of expiration
(c) A person whose surplus lines broker's certificate of qualification has expired is prohibited from acting as a surplus lines broker until the effective date of reinstatement of the certificate of qualification.
Failure to comply with subsection (a)
(d) A person who does not comply with subsection (a) of this section on or before September 30 of the year of expiration shall apply for a surplus lines broker's certificate of qualification under § 3-312 of this subtitle and meet any other requirements specified by the Commissioner in regulation.
Regulations
(e) The Commissioner may adopt regulations to carry out this section.

Credits

Added by Acts 1997, c. 656, § 6, eff. Oct. 1, 1997.
Formerly Art. 48A, § 188.1.
MD Code, Insurance, § 3-316.1, MD INSURANCE § 3-316.1
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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