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31.03.06.00.htm 31.03.06.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 03 INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS Chapter 06 Surplus Lines Authority: Insurance Article, §2-109, 3-304, 3-306―3-308, 3-311―3-313, 3-316, 3-325(c) 9-301(f) 9-303(5) 9-401(j)1) and (2) 9-405(b) and 27-216, Annotated Code of Maryland
31.03.06.01.htm 31.03.06.01. 01 Purpose.. The purpose of this chapter is to establish procedures for compliance with the Surplus Line Insurance Law, Insurance Article, Title 3, Subtitle 3, Annotated Code of Maryland.
31.03.06.01-1.htm 31.03.06.01-1. 01-1 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Condominium" includes the common elements of a condominium.. 2) Home State.. a) “Home State” means, except as provided in §B(2)b) of this regulation, with respect to an insured:. i) The state in which an insured maintains its principal place of business or, in the case of any individual, the individual’s principal residence; orii) If 100 percent of the
31.03.06.02.htm 31.03.06.02. 02 Maryland Surplus Lines Brokers' Licenses.. Before placing any surplus line or otherwise acting as a surplus lines broker, where Maryland is the Home State of the insured, it will be the responsibility of each individual so acting to acquire a valid Maryland surplus lines broker’s certificate of qualification. The broker will be held responsible for securing timely renewals of the broker’s certification of qualification in order to place new business and provide a
31.03.06.03.htm 31.03.06.03. 03 Surplus Lines Affidavits.. A surplus lines broker placing a surplus lines coverage shall execute the affidavit required by Insurance Article, §3-307, Annotated Code of Maryland, on a form provided by the Commissioner, or containing all of the information required by the Commissioner, and shall file the affidavit with the Commissioner on or before the 45th day after the last day of the quarter in which the insurance was placed.
31.03.06.04.htm 31.03.06.04. 04 Residential Property ― Substantially Similar Renewal Offer.. A. Presumption. For purposes of Insurance Article, §3-306(a)5)iii) Annotated Code of Maryland, a renewal offer by an authorized insurer for coverage on residential property is presumed to be made on substantially the same terms and conditions as the current coverage unless the renewal offer:1) Contains an increase in premium of 20 percent or more;. 2) Contains an increase in the deductible of 100 percent or more; or.
31.03.06.05.htm 31.03.06.05. 05 Surplus Lines Reports and Premium Receipts Tax.. A. Each surplus lines broker that has transacted surplus lines business in the State during the preceding half calendar year shall file with the Commissioner a semiannual statement that reports on business subject to the tax imposed by Insurance Article, §3-324, Annotated Code of Maryland, during the preceding half calendar year. The report shall be made in accordance with the form prescribed by the Commissioner and avail
31.03.06.06.htm 31.03.06.06. 06 Compliance with Filing and Premium Receipts Tax Payment Requirements.. A. A report, affidavit, or return that must be filed under this chapter complies with the filing requirement if the report, affidavit, or return is:1) Mailed or 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, if the delivery is evidenced by a receipt; or
31.03.06.07.htm 31.03.06.07. 07 Books and Records.. A. Every surplus lines broker shall keep a separate record and account of all business transacted under the surplus lines broker's license, including a copy of each daily report, if any, and of each binder or cover note delivered by the surplus lines broker. The records shall be available for examination by the Commissioner at any reasonable time within 3 years after the issuance of the coverage to which the records relate.B. Every surplus lines br
31.03.06.08.htm 31.03.06.08. 08 Illegal Coverage.. A surplus lines broker may not place with an unauthorized insurer any risk, whether individual or group, including any fictitious fleet or fictitious group, which is not eligible for placement with authorized insurers under the provisions of the Insurance Article, Annotated Code of Maryland.
31.03.06.09.htm 31.03.06.09. 09 Disclosure Form.. A. Printing Specifications; Provision of Form to Insured. The written disclosure required by Insurance Article, §3-308, Annotated Code of Maryland, shall be:1) In the form set forth in §B of this regulation in at least 14-point type;. 2) On a separate piece of paper that:. a) Contains only the disclosure; and. b) Is attached to the insurance contract or binder; and. 3) Provided to the insured at the time of the initial purchase or delivery
31.03.06.10.htm 31.03.06.10. 10 Surplus Lines Exportable List.. A. Diligent Search Not Required. In accordance with Insurance Article, §3-306.1(b)1) Annotated Code of Maryland, a coverage that is listed in §C of this regulation may be placed with a surplus lines insurer without first conducting a diligent search as defined by Insurance Article, §3-306.1(a) Annotated Code of Maryland.B. Affidavit Required. When a coverage that is listed in §C of this regulation is placed with a surplus lines insurer, the or
31.03.06.11.htm 31.03.06.11. 11 Exempt Commercial Purchaser ― Waiver of Diligent Search Requirement.. A. Scope. This regulation does not apply to:. 1) Professional liability insurance;. 2) Title insurance; or. 3) Workers' compensation insurance.. B. In this regulation, "Exempt Commercial Purchaser" means any person purchasing commercial insurance that, at the time of placement, meets the following requirements:1) The person employs or retains a qualified risk manager to negotiate insurance coverage;.
31.03.06.9999.htm 31.03.06.9999. Administrative History Effective date: March 1, 1968. Amended effective January 1, 1971. Regulations .01―12 repealed effective June 1, 1983 (10:9 Md. R. 790) ―. Regulations .01―08 adopted effective June 1, 1983 (10:9 Md. R. 790). Regulation .02 amended effective December 30, 1996 (23:26 Md. R. 1859). Regulation .04 repealed effective December 30, 1996 (23:26 Md. R. 1859). Regulation .05D amended effective December 30, 1996 (23:26 Md. R. 1859).
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