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31.03.03.00.htm 31.03.03.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 03 INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS Chapter 03 Fiduciary Responsibility of Insurance Producers: Premium Accounts ― Commingling of Funds Authority: Insurance Article, §2-109 and 10-126, Annotated Code of Maryland
31.03.03.01.htm 31.03.03.01. 01 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Business day” means any calendar day except Saturday, Sunday, or a legal holiday.. 2) “Carrier” means a person that is:. a) An insurer that holds a certificate of authority in the State and provides insurance in the State;b) A health maintenance organization that is licensed to operate in the State;.
31.03.03.02.htm 31.03.03.02. 02 General Requirements.. A. Premium Account. An insurance producer that does not make prompt remittance of a carrier or insured’s premium shall maintain such premium in one or more premium accounts, which shall be separate from any operating accounts or personal accounts.B. Commingling of Premium.. 1) An insurance producer acting as such in this State may not commingle any premium account with any operating account or per2) An insurance producer acting as such in this State may:.
31.03.03.03.htm 31.03.03.03. 03 Account Current System.. In the case of an insurance producer operating under an account current system, maintenance at all times in one or more premium accounts of at least the net balance of premiums as determined by either actual or average commissions, return premiums, and deposits received but not remitted, shall be construed as compliance with this chapter, provided that the funds so held for each carrier are readily ascertainable from the insurance producer's records.
31.03.03.04.htm 31.03.03.04. 04 Substantial Interest.. In those instances when the officers, directors, or principal management of a carrier have a substantial interest in either the conduct or operation of the agency or brokerage business, or when the officers, directors, or principal management of an agency or brokerage business have a substantial interest in the conduct or operation of the carrier, the agency or brokerage business shall maintain one or more premium accounts to be used exclusively
31.03.03.05.htm 31.03.03.05. 05 Repealed..
31.03.03.06.htm 31.03.03.06. 06 Severability.. If any section of this chapter or its application to any person or circumstances is held unauthorized by law, the remaining sections of the chapter and the application of the provisions to other persons or circumstances may not be affected thereby.
31.03.03.9999.htm 31.03.03.9999. Administrative History Effective date: January 1, 1967. Amended effective May 1, 1968 ―. Chapter recodified from COMAR 09.30.20 to COMAR 31.03.03, July 1998. Regulation .01 amended effective April 10, 2006 (33:7 Md. R. 675). Regulation .02 amended effective April 10, 2006 (33:7 Md. R. 675). Regulation .04 amended effective April 10, 2006 (33:7 Md. R. 675). Regulation .05 repealed effective April 10, 2006 (33:7 Md. R. 675) ―.
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