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§ 3-320. Receipt of premium by surplus lines broker

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, § 3-320
§ 3-320. Receipt of premium by surplus lines broker
In general
(a) In any question that arises under the coverage between an unauthorized insurer and the insured, the unauthorized insurer is deemed to have received the premium due it for surplus lines insurance if:
(1) the unauthorized insurer has assumed a surplus lines risk under this subtitle; and
(2) the surplus lines broker who placed the surplus lines insurance has received the premium for the surplus lines insurance.
Liability of unauthorized insurer for losses and unearned premiums
(b) An unauthorized insurer described in subsection (a) of this section is liable to the insured for losses covered by the surplus lines insurance and, on cancellation, for unearned premiums that may become payable to the insured, whether or not the surplus lines broker is indebted to the unauthorized insurer for the surplus lines insurance or for any other reason.
Rights between unauthorized insurer and surplus lines broker
(c) This section does not affect rights between the unauthorized insurer and the surplus lines broker.
Application of section to unauthorized insurers
(d) Each unauthorized insurer that assumes a surplus lines direct risk under this subtitle subjects itself to the terms of this section.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 192.
MD Code, Insurance, § 3-320, MD INSURANCE § 3-320
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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