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14.07.02.00.htm 14.07.02.00. Title 14 INDEPENDENT AGENCIES Subtitle 07 MARYLAND AUTOMOBILE INSURANCE FUND Chapter 02 Binding Rules Authority: Insurance Article, §20-502(d) and (e) 20-509, and 20-512(b)2) Annotated Code of Maryland
14.07.02.01.htm 14.07.02.01. 01 Fund Producers and Their Authority.. A. Only a person qualified as an insurance producer under Insurance Article, Title 10, Subtitle 1, Annotated Code of Maryland, may bind coverage in the Maryland Automobile Insurance Fund (MAIF)B. A person meeting the requirements of §A of this regulation will be called a "fund producer" throughout these regulations.C. The fund producer's authority to bind coverage is subject to Insurance Article, Title 20, Annotated Code of Maryland, and
14.07.02.02.htm 14.07.02.02. 02 Preliminary Determination of Eligibility.. A. Before coverage can be bound, a producer shall:. 1) Make an independent preliminary determination of the eligibility of the applicant for MAIF insurance, in accordance with these regulations.2) Obtain all appropriate and material information from the applicant which is necessary to provide the requested coverage. Information provided to the fund producer may not be considered knowledge on the part of MAIF unless
14.07.02.03.htm 14.07.02.03. 03 Binding of Minimum Required Coverage.. A. The fund producer binds the minimum coverages as may be required by the Transportation Article, Annotated Code of Maryland, when:1) The preliminary determination of eligibility under Regulation .02 of this chapter is completed;. 2) Questions on the application form provided by MAIF are fully answered;. 3) The applicant and fund producer have both signed and dated the application form in all appropriate places;4) The fund producer has
14.07.02.04.htm 14.07.02.04. 04 Payment of Premium.. A. Payment of the full annual premium to MAIF or the fund producer may be made in any commercially acceptable form, except that payment to MAIF may not be made by personal check of the applicant.B. If a premium finance company provides any part of the full annual premium due, the fund producer shall also submit to MAIF with the completed application a fully completed, signed, and dated premium finance agreement. The agreement shall be satisf
14.07.02.05.htm 14.07.02.05. 05 Changes.. A. A fund producer shall notify MAIF of any changes to the information contained in the application or policy, or of any changes to the policy or coverage, on the appropriate form supplied by MAIF within 5 working days from the date the fund producer receives the information.B. When the fund producer has failed to timely advise MAIF of changes, those changes may not bind MAIF as to coverage or extension of coverage.
14.07.02.06.htm 14.07.02.06. 06 Commissions and Unearned Commissions.. A. All commissions are earned pro rata for the period of time that policy coverage is in effect.. B. Unearned commission shall be returned promptly to the insured or to MAIF by the fund producer upon demand.C. For a period of 1 year following qualification as a fund producer by MAIF:. 1) All premiums shall be submitted to MAIF on a gross basis unless the fund producer remits the returned commission by electronic funds transfer; and
14.07.02.07.htm 14.07.02.07. 07 Compliance ― Filings with Insurance Administration and Agency Communications.. Fund producers shall comply with all MAIF rates, forms, procedures, and manuals filed with the Insurance Administration and with all binding and processing practices and procedures published in the MAIF Producer Bulletins.
14.07.02.08.htm 14.07.02.08. 08 Violation of Binding Regulations.. A. If a fund producer violates any of these regulations, MAIF may:. 1) Require the fund producer to meet with the Executive Director of MAIF or the designee of the Executive Director to review the methods of preventing further violations;2) Require the fund producer to submit premiums on a gross basis;. 3) Require the fund producer to submit premiums by electronic funds transfer;.
14.07.02.9999.htm 14.07.02.9999. Administrative History Effective date: November 1, 1975 (2:24 Md. R. 1479; 2:26 Md. R. 1158). Chapter revised effective April 1, 1977 (4:8 Md. R. 636) August 3, 1981 (8:15 Md. R. 1310). Regulations .01―08 repealed and new Regulations .01―09 adopted effective June 27, 1988 (15:13 Md. R. 1557)Regulations .01, .03, and .07 amended as an emergency provision effective December 20, 1988 (15:26 Md. R. 2978) amended permanently effective June 26, 1989 (16:12 Md. R. 1337)
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