2013 Maryland Code
INSURANCE
§ 26-203 - Applications for initial license


MD Ins Code § 26-203 (2013) What's This?

§26-203.

(a) An applicant for an initial license shall:

(1) file with the Commissioner an application on the form that the Commissioner provides; and

(2) pay to the Commissioner an application fee of $200.

(b) (1) An applicant for a license shall submit to the Commissioner the information that the Commissioner considers reasonably necessary to determine, in accordance with this title, whether to issue a license to the applicant.

(2) The application shall be executed under oath by the applicant or, if the applicant is not an individual, by an authorized officer of the applicant.

(c) The application shall include:

(1) if the applicant is a corporation:

(i) a certificate of good standing from the Department of Assessments and Taxation;

(ii) the names and addresses of the officers and directors of the corporation; and

(iii) the names and addresses of each owner of more than 10% of the capital stock of the corporation issued and outstanding;

(2) if the applicant is not a corporation:

(i) a list of all the owners of interests in the applicant;

(ii) a list of the officers of the applicant; and

(iii) a list of the parties to any operating or management agreement that affects the applicant, together with a copy of the agreement;

(3) a financial statement certified by a certified public accountant within the previous 6 months, that presents fairly, in accordance with generally accepted accounting principles, the financial position of the applicant and contains the information that the Commissioner requires;

(4) a copy of the applicant’s service contract, as described in § 26-402 of this title; and

(5) evidence of security in accordance with § 26-204 of this subtitle.

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