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 insurer has reason to believe that a principal agent has converted or misappropriated money received or held in trust.

C. A title insurerís written notification to the Commissioner under §§A and B of this regulation shall include the following information:

(1) The name, physical address, telephone number, and email address of the principal agent or its designated insurance producer who satisfies the qualifications set forth in §10-121(c);

(2) The principal agentís producer license number;

(3) The date or dates on which the principal agent failed to cooperate, if applicable;

(4) A description of the facts and circumstances of the principal agentís conduct prohibited by Insurance Article, §10-126, Annotated Code of Maryland, if applicable; and

(5) A description of the facts and circumstances giving rise to the title insurerís reason to believe that a principal agent has converted or misappropriated money received or held in trust.