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31.04.22.00.htm 31.04.22.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 04 INSURERS Chapter 22 Title Insurers Authority: Insurance Article, §2-108, 2-109, 10-121, and 10-128.1, Annotated Code of Maryland
31.04.22.01.htm 31.04.22.01. 01 Applicability.. This chapter applies to a title insurer, title insurance producer, and title agency..
31.04.22.02.htm 31.04.22.02. 02 Scope.. This chapter:. A. Establishes the minimum standards and procedures for conducting an on-site review; and. B. Provides for the filing of an on-site review report with the Commissioner..
31.04.22.03.htm 31.04.22.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Accounts” means all accounts associated with the principal agent’s title insurance business.. 2) “Appointment” has the meaning set forth in Insurance Article, §1-101, Annotated Code of Maryland.. 3) “Certification” means a written statement signed by the principal agent that the information provided to the title insurer during the on-site review is, to the best of the
31.04.22.04.htm 31.04.22.04. 04 Conducting an On-Site Review.. A. A title insurer:. 1) Shall, except as provided in §A(4) of this regulation, conduct an on-site review during each calendar year of the underwriting, claims, and escrow practices of each principal agent;2) Shall conduct an on-site review during normal business hours;. 3) May not be required to provide advance notice to the principal agent of the beginning of an on-site review; and4) May not be required to conduct an on-site revie
31.04.22.05.htm 31.04.22.05. 05 Failure to Cooperate.. A principal agent’s failure to cooperate with a title insurer at the beginning of or during an on-site review shall constitute a reason to believe that the principal agent has engaged in a prohibited activity under Insurance Article, §10-126, Annotated Code of Maryland.
31.04.22.06.htm 31.04.22.06. 06 Report.. A. A title insurer shall file a report with the Commissioner within 45 calendar days after the completion of the on-site review.B. The report shall address the following areas:. 1) The name, Maryland producer license number, and contact information of the principal agent or any insurance producer designated under Insurance Article, §10-106, Annotated Code of Maryland;2) The name and Maryland producer license number of any insurance producer associated with the princ
31.04.22.07.htm 31.04.22.07. 07 Required Notifications.. A. Except as provided in §B of this regulation, if a title insurer has reason to believe that the principal agent has engaged in, or is engaging in, conduct that is prohibited by Insurance Article, §10-126, Annotated Code of Maryland, the title insurer shall notify the Commissioner in writing within 10 calendar days after obtaining such knowledge or belief.B. A title insurer shall notify the Commissioner in writing within 2 calendar days if a title insure
31.04.22.08.htm 31.04.22.08. 08 Maintenance of Records.. A. A licensee shall maintain for a period of 5 years after the conclusion of an on-site review, and make available to the Commissioner upon request, all documentation collected, prepared, and produced by the licensee during an on-site review including, but not limited to, work papers, summaries, daily log notes, and the report.B. Records required by this regulation may be maintained in paper, photographic, magnetic, mechanical, or electronic media or
31.04.22.9999.htm 31.04.22.9999. Administrative History Effective date: December 1, 2014 (41:20 Md. R. 1114). Regulation .04B amended effective June 20, 2016 (43:12 Md. R. 668).
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