(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.
(a) To engage in business as a premium finance company in the State, each premium finance company shall elect to: (1) maintain a net worth of at least $250,000 calculated under generally accepted accounting principles; (2) file with the Commissioner an irrevocable letter of credit in the amount of $50,000 issued by a financial institution; (3) deposit with the […]
(a) An applicant for initial registration shall: (1) file with the Commissioner: (i) an application on the form that the Commissioner requires; (ii) in the case of a corporation or limited liability company, a certificate of good standing issued by the State Department of Assessments and Taxation; (iii) evidence of compliance with § 23-202 of this subtitle; (iv) the form of […]
(a) When an applicant complies with the filing requirements and pays the registration fee to the Commissioner in accordance with § 23-203 of this subtitle, the Commissioner shall determine whether the applicant meets the requirements of this title. (b) The Commissioner shall deny registration to an applicant if the Commissioner determines that the applicant has submitted an […]
(a) A registration expires on the first July 1 after its effective date unless it is renewed as provided in this section. (b) Before a registration expires, the registrant may renew it for an additional 1-year term if the registrant: (1) files with the Commissioner: (i) a renewal application on the form that the Commissioner requires; (ii) in the case […]
(a) The Commissioner shall require a premium finance company to report, on forms provided by the Commissioner, changes in officers, directors, owners, trade names, principals, partners, business addresses, and telephone numbers within 30 days after a change occurs. (b) (1) A premium finance company shall file all changes to: (i) the form of the premium finance agreement used by […]
Each premium finance company: (1) shall maintain records of its premium finance transactions for at least 3 years after making the final entry with respect to a premium finance agreement; (2) shall allow the Commissioner to examine the records; and (3) may keep the records in photographic, imaging, microfilm, microfiche, electronic data processing, computer, or facsimile form.
(a) Subject to the hearing provisions of Title 2 of this article, the Commissioner may deny a registration to an applicant or suspend, revoke, or refuse to renew the registration of a registrant if the Commissioner finds that the applicant or registrant has: (1) failed to comply with a lawful requirement of the Commissioner under this title; […]
(a) A registrant may surrender a registration by delivering to the Commissioner written notice of the surrender. (b) Surrender of a registration does not affect the registrant’s civil or criminal liability for acts committed before the surrender.
Suspension, revocation, or surrender of a registration does not affect the obligation of an insured under a lawful premium finance agreement previously acquired or held by the registrant.
