2013 Maryland Code
INSURANCE
§ 3-316 - Term and renewal of certificate of qualification

§3-316.

(a) Unless a certificate of qualification is renewed for a 2-year term as provided in this section, the certificate of qualification expires on the first June 30 that comes after its effective date.

(b) At least 1 month before a certificate of qualification expires, the Commissioner shall mail to the holder of the certificate of qualification, at the last known address of the holder:

(1) a renewal application form; and

(2) a notice that states:

(i) the date by which the Commissioner must receive the renewal application for the renewal to be issued and mailed before the certificate of qualification expires; and

(ii) the amount of the renewal fee.

(c) Before a certificate of qualification expires, the holder periodically may renew it for an additional 2-year term, if the holder:

(1) otherwise is entitled to a certificate of qualification;

(2) submits to the Commissioner a renewal application on the form that the Commissioner provides;

(3) pays to the Commissioner the renewal fee required by § 2-112 of this article; and

(4) complies with the bond requirement of § 3-313 of this subtitle.

(d) An application for renewal of a certificate of qualification shall be considered made in a timely manner if it is postmarked on or before June 30 of the year of renewal.

(e) The Commissioner shall renew the certificate of qualification of each holder who meets the requirements of this section.

§ 3-316 - 1. Reinstatement of certificate of qualification

(a) Authorized. -- On or before September 30 of the renewal year, a person whose surplus lines broker's certificate of qualification has expired may reinstate the expired certificate of qualification by:

(1) filing with the Commissioner the appropriate reinstatement application;

(2) paying to the Commissioner the applicable reinstatement fee required under subsection (b) of this section; and

(3) complying with the bond requirement of § 3-313 of this subtitle.

(b) Fee. --

(1) The fee for a reinstatement under this section shall be:

(i) the amount charged for a full renewal period for the type of certificate of qualification held by the person seeking the reinstatement; and

(ii) 1. $ 25 for reinstatement during the period from July 1 through July 31;

2. $ 50 for reinstatement during the period from August 1 through August 31; and

3. $ 75 for reinstatement during the period from September 1 through September 30.

(2) The Commissioner may limit the reinstatement fee to the amount of the renewal fee in cases where the reinstatement applicant did not make timely renewal because of temporary incapacity, hospitalization, or other hardship.

(c) Effect of expired certification of qualification. -- A person whose surplus lines broker's certificate of qualification has expired is prohibited from acting as a surplus lines broker until the effective date of reinstatement of the certificate of qualification.

(d) Failure to reinstate. -- A person who does not comply with subsection (a) of this section on or before September 30 of the year of expiration shall apply for a surplus lines broker's certificate of qualification under § 3-312 of this subtitle and meet any other requirements specified by the Commissioner in regulation.

(e) Regulations. -- The Commissioner may adopt regulations to carry out this section.