(a) In this subtitle the following words have the meanings indicated. (b) “Act” means the federal Nonadmitted and Reinsurance Reform Act of 2010. (c) “Admitted insurer” means an insurer that is authorized to engage in the business of insurance in the State. (d) “Exempt commercial purchaser” has the meaning stated in § 527 of the Act. (e) “Home state” has […]
(a) This subtitle does not apply to: (1) life insurance; (2) health insurance, except as provided in subsection (c) of this section; (3) annuities; (4) reinsurance; (5) wet marine and transportation insurance, except as provided in subsection (b) of this section; (6) insurance on a subject that is located, resident, or to be performed wholly outside the State; (7) insurance on vehicles or […]
Except as provided in § 3-319(b) of this subtitle, this subtitle does not limit the right of a surplus lines broker to place surplus lines insurance with an alien insurer that has qualified with the nonadmitted insurer information office of the National Association of Insurance Commissioners.
The Commissioner may adopt reasonable regulations consistent with this subtitle to: (1) carry out this subtitle; (2) establish procedures for determining the eligibility of particular proposed coverages for placement with surplus lines insurers and maintain a list of the identified coverages; (3) allow an exempt commercial purchaser to waive the diligent search requirement under § 3–306 of this […]
A report, affidavit, or return that must be filed under this subtitle complies with the filing requirement if the report, affidavit, or return is: (1) mailed and postmarked by the United States Postal Service on or before the filing date; (2) delivered on or before the filing date to a private delivery service recognized by the Commissioner, […]
(a) Surplus lines insurance may be procured from an unauthorized insurer if: (1) for surplus lines insurance procured through a broker, the surplus lines insurance is procured through a qualified surplus lines broker; (2) subject to the provisions of § 3–306.1 of this subtitle, a diligent search is made among the authorized insurers that are writing the particular […]
(a) (1) A diligent search required by § 3–306 of this subtitle shall be deemed completed if: (i) the insured or the surplus lines broker or insurance producer obtains declinations of a risk from three authorized insurers that are writing the particular kind and class of insurance in this State; and (ii) the declinations are included in the affidavit […]
(a) Subject to subsections (b) through (e) of this section, disability insurance and short–term medical insurance under § 3–302(c) of this subtitle may be procured from a nonadmitted insurer if the coverage procured is in excess of coverage available from, or is not available from, an admitted insurer that writes that particular kind and class of […]
(a) An affidavit that sets forth the facts referred to in § 3–306 of this subtitle and any other facts required by the Commissioner must be personally executed by the surplus lines broker or the originating insurance producer at the time the surplus lines insurance is placed. (b) The affidavit must be filed with the Commissioner on […]
Each insurance contract or confirmation procured and delivered under this subtitle shall be: (1) endorsed or stamped conspicuously in boldface type on the first page of the insurance contract or confirmation as follows: “This insurance is issued by a nonadmitted insurer not under the jurisdiction of the Maryland Insurance Commissioner”; and (2) accompanied by a written disclosure, […]
(a) An insurance contract procured as surplus lines coverage from an unauthorized insurer in accordance with this subtitle is valid and enforceable as to all parties and shall be accepted and recognized in all matters and respects to the same effect as like insurance contracts issued by authorized insurers. (b) An insurance contract entered into in violation […]
(a) Except as provided in subsection (b) of this section, a person must obtain a certificate of qualification to act as a surplus lines broker before the person acts as a surplus lines broker in the State. (b) A person is not required to obtain a certificate of qualification to act as a surplus lines broker in […]
An applicant for a certificate of qualification shall: (1) be qualified as an insurance producer; (2) hold an insurance producer’s license for the kind of insurance being solicited or sold; and (3) be competent and trustworthy, as determined by the Commissioner.
An applicant for a certificate of qualification shall: (1) file with the Commissioner an application on the form that the Commissioner provides; and (2) pay to the Commissioner the fee required by § 2-112 of this article.
(a) Before the Commissioner issues a certificate of qualification to an applicant, the applicant shall file with the Commissioner a bond that: (1) is subject to approval by the Commissioner; (2) runs to the State; (3) is executed by the applicant as principal and by a corporate surety insurer authorized to do business in the State; (4) is in the […]
The Commissioner shall issue a certificate of qualification to each applicant who meets the requirements of this subtitle.
A qualified surplus lines broker may: (1) accept and place surplus lines insurance business from an insurance producer with a license in the State for the kind of insurance involved; and (2) compensate the insurance producer for the surplus lines insurance business.
(a) Unless a certificate of qualification is renewed for a 2–year term as provided in this section, the certificate of qualification expires every other year on the date stated on the certificate of qualification. (b) At least 1 month before a certificate of qualification expires, the Commissioner shall send to the holder of the certificate of qualification, […]
(a) On or before September 30 of the renewal year, a person whose surplus lines broker’s certificate of qualification has expired may reinstate the expired certificate of qualification by: (1) filing with the Commissioner the appropriate reinstatement application; (2) paying to the Commissioner the applicable reinstatement fee required under subsection (b) of this section; and (3) complying with the […]
(a) The Commissioner may suspend or revoke the certificate of qualification of a surplus lines broker: (1) if the surplus lines broker fails to file the report required by this subtitle; (2) if the surplus lines broker fails to remit the tax required by this subtitle; (3) if the surplus lines broker fails to keep records required by this […]
