(a) The Commissioner may not approve an insurer as a surplus lines insurer unless the insurer: (1) is authorized in its domiciliary jurisdiction to write the type of insurance it seeks to write; (2) has capital and surplus, or their equivalent under the laws of its domiciliary jurisdiction, equal to the greater of: (i) the minimum capital and surplus […]
(a) A surplus lines broker may not place surplus lines insurance with an unauthorized insurer that: (1) has not been approved by the Commissioner as a surplus lines insurer in accordance with § 3–318 of this subtitle; (2) for an insurer not domiciled in the State, has not qualified under § 3–303 of this subtitle; (3) has been determined […]
(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 […]
(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 […]
(a) Each surplus lines broker shall keep separate records and accounts of all business transacted under the surplus lines broker’s certificate of qualification, including copies of: (1) any daily report made by the surplus lines broker; and (2) each binder or cover note delivered by the surplus lines broker. (b) The records described by subsection (a) of this section […]
(a) This section does not apply to insurance of risks of the State or a political subdivision of the State. (b) The premiums charged for surplus lines insurance are subject to a premium receipts tax of 3% on all gross premiums, less any returned premiums, charged for surplus lines insurance. (c) For policies effective before July 21, 2011: […]
(a) On or before March 15 and September 15 of each year, or at another interval that the Commissioner directs, each surplus lines broker that has transacted surplus lines business in the State during the reporting period shall: (1) file with the Commissioner a report, on a form the Commissioner prescribes, on business subject to tax during […]
(a) A surplus lines broker may not: (1) knowingly or negligently deliver a false binder or cover note; or (2) fail to notify the insured promptly of any material change with respect to surplus lines insurance by delivery to the insured of a substitute binder or cover note as provided in § 3-321 of this subtitle. (b) A violation […]
This subtitle is the Surplus Lines Insurance Law.
