Section 23-301.2 – Assignment of Rights; Use as Collateral
(a) (1) With respect to private passenger motor vehicle insurance and personal insurance, a premium finance company may: (i) assign all rights and obligations under a premium finance agreement to another premium finance company that is registered in the State under this title; or (ii) pledge a premium finance agreement as collateral for a loan. (2) If a premium finance […]
Section 23-101 – Definitions
(a) In this title the following words have the meanings indicated. (b) “Actuarial method” has the meaning stated in § 12–1009 of the Commercial Law Article. (c) (1) “Premium finance agreement” means an agreement: (i) by which an insured or prospective insured promises to pay a premium finance company the amount advanced or to be advanced under the agreement, together […]
Section 23-302 – Copies of Premium Finance Agreements
(a) A copy of each premium finance agreement or other notice of a premium finance agreement that describes the policy or policies involved shall be given to the agency issuing the policy or policies or to the insurers involved. (b) (1) If a policy is procured through a surplus lines broker licensed in the State, and payment is […]
Section 23-102 – Scope of Title
No bank, savings bank, trust company, savings and loan association, credit union, industrial finance company, small loan company, or other similar organization that is regulated under the laws of the State or the United States nor any bank, savings bank, trust company, savings and loan association, or credit union that is organized in another state […]
Section 23-103 – Investigations and Examinations
(a) The Commissioner may conduct investigations and examine the books, records, and accounts of a person under this title to the same extent as is authorized with respect to insurers under this article. (b) The expense of an examination shall be paid by the person examined as provided in § 2-208 of this article. (c) The Commissioner or […]
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.