§ 3-306. Procurement of surplus lines insurance from unauthorized insurers
West's Annotated Code of MarylandInsuranceEffective: July 1, 2011
Effective: July 1, 2011
MD Code, Insurance, § 3-306
§ 3-306. Procurement of surplus lines insurance from unauthorized insurers
(a) Surplus lines insurance may be procured from an unauthorized insurer if:
(b) This subtitle does not prohibit a lower premium rate or more favorable terms in the insurance contract of an unauthorized insurer if:
(c)(1) This section does not prohibit a surplus lines broker from renewing a risk with a surplus lines insurer if the risk was initially written on a surplus lines basis when there were fewer than three authorized insurers actually writing on a broad basis the particular kind and class of insurance to provide coverage against liability of persons described in § 24-206(1) of this article in the State.
(2) However, even if on the date of renewal three or more authorized insurers are writing on a broad basis the particular kind and class of insurance required by the insured, a risk initially eligible for surplus lines insurance may be renewed on a surplus lines basis if the surplus lines insurer, licensed insurance producer, or surplus lines broker gives to the insured appropriate notice of the possible availability of comparable types of insurance being written by three or more authorized insurers:
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 70, § 1, eff. Oct. 1, 1997; Acts 1998, c. 21, § 1, eff. April 14, 1998; Acts 1998, c. 751, § 1, eff. Oct. 1, 1998; Acts 1999, c. 691, § 1, eff. July 1, 1999; Acts 2005, c. 541, § 1, eff. Oct. 1, 2005; Acts 2011, c. 520, § 1, eff. July 1, 2011; Acts 2011, c. 521, § 1, eff. July 1, 2011.
Formerly Art. 48A, § 184.
MD Code, Insurance, § 3-306, MD INSURANCE § 3-306
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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