2010 Maryland Code
TITLE 3 - KINDS OF INSURERS
Subtitle 3 - Surplus Lines Insurance
Section 3-313 - Bond.
§ 3-313. Bond.
(a) Required.- Before the Commissioner issues a certificate of qualification to an applicant, the applicant shall file with the Commissioner a bond that:
(1) is subject to approval by the Commissioner;
(2) runs to the State;
(3) is executed by the applicant as principal and by a corporate surety insurer authorized to do business in the State;
(4) is in the penal sum of $10,000; and
(5) is conditioned that the broker will:
(i) conduct business in accordance with this article; and
(ii) remit promptly the taxes required by § 3-324 of this subtitle.
(b) Total liability.- The total liability of the surety insurer under the bond may not exceed the penal sum of the bond.
(c) Notice of cancellation.- The surety insurer may not cancel the bond unless, at least 30 days before canceling the bond, the surety insurer files written notice of the cancellation.
[An. Code 1957, art. 48A, § 188; 1995, ch. 36.]
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