Section 23-311 – Reinstatement of Policy — Payment of Fee
A premium finance company is not required to reinstate a policy if: (1) the insurer requires a reinstatement fee, as authorized under § 27–216(b)(5) of this article, to be paid by the insured; and (2) the insured does not timely pay the reinstatement fee.
Section 23-401 – Compliance With Subtitle Required
When in connection with a premium finance agreement a power of attorney or other authority to cancel an insurance contract on behalf of an insured is given to a premium finance company, the premium finance company may not cancel the insurance contract except in accordance with this subtitle.
Section 23-401.1 – Notice to Insured
(a) Subject to subsection (b) of this section, at the option of the insured a premium finance company may send any notice required under this subtitle by personal delivery, first–class mail, commercial delivery service, electronic mail, or facsimile transmission. (b) A premium finance company may send any notice required under this subtitle by electronic means only if […]
Section 23-402 – Notice of Intent to Cancel
(a) At least 10 days before canceling an insurance contract, a premium finance company shall deliver or mail to the insured written notice of intent to cancel the insurance contract unless the defaulted installment payment is received within the 10–day notice period. (b) For an automobile liability insurance contract, the notice of intent to cancel shall include […]
Section 23-403 – Cancellation of Insurance Contract
(a) (1) After the end of the notice period under § 23–402(a) of this subtitle, the premium finance company may cancel the insurance contract by submitting to the insurer a notice of cancellation that specifies the effective date of the cancellation. (2) (i) The premium finance company shall deliver or mail a copy of the notice of cancellation to […]
Section 23-302.1 – Financing Additional Premium
(a) An insured may finance an additional premium if: (1) the insured has paid the down payment, if any, required by the premium finance company on the additional premium; and (2) the premium finance company delivers or mails a written notice to the insured at the last known address of the insured indicating that: (i) there is a revised […]
Section 23-403.1 – Effect of Dishonored Down Payment
If, within 15 business days after the date of written notice from a financial institution that the initial down payment for the coverage being financed has been dishonored, an insurer receives notice of the dishonor from an insurance producer or premium finance company, there is no valid insurance contract or insurance contracts, and the policy […]
Section 23-302.2 – Notice of Additional Premium
If an insurer receives notice of a financed insurance premium, the insurer shall, within 10 business days after its calculation, notify the insured, the insurer’s insurance producer, and premium finance company of any additional premium arising under the financed policy.
Section 23-404 – Notice to Third Parties of Cancellation
(a) All statutory, regulatory, and contractual restrictions that provide that the insured may not cancel an insurance contract unless notice is given to a governmental agency, mortgagee, or other third party shall apply to a cancellation made under this subtitle. (b) If an insurer is required under subsection (a) of this section to give notice on behalf […]
Section 23-201 – Registration Required
(a) A premium finance company must register with the Commissioner before engaging in business as a premium finance company in the State. (b) An insurer or insurance producer must register with the Commissioner before engaging in the business of financing premiums in the State.