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§ 3-321. Delivery of policy, binder, or cover note to insured

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, § 3-321
§ 3-321. Delivery of policy, binder, or cover note to insured
Currentness
In general
(a)(1) On placing surplus lines coverage, a surplus lines broker promptly shall deliver to the insured:
(i) the policy issued by the insurer; or
(ii) if the policy is not available, a binder or cover note that shows:
1. the subject, coverage, conditions, and term of the insurance; and
2. the name and address of the insurer.
(2) If a direct risk is assumed by more than one insurer, the policy, binder, or cover note shall state:
(i) the name and address of each insurer; and
(ii) the proportion of the direct risk assumed by each insurer.
Replacement of binder or cover note previously delivered
(b) Unless a copy of each binder or cover note has been filed with and approved by the Commissioner, the surplus lines broker, as soon as reasonably possible, shall get the policy from the insurer and deliver it to the insured to replace the binder or cover note previously delivered.
Changes to coverage which require updates to binder or cover note
(c) A surplus lines broker promptly shall deliver to the insured an appropriate substitute for or endorsement of the original binder or cover note that accurately shows the current status of the coverage and the responsible insurer if, after issuance and delivery of the original binder or cover note, there is a change in:
(1) the identity of the insurer;
(2) the proportion of the direct risk assumed by an insurer; or
(3) any other material aspect of the insurance coverage.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 191.
MD Code, Insurance, § 3-321, MD INSURANCE § 3-321
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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