2013 Maryland Code
INSURANCE
§ 8-507 - Issuance of license
§8-507.
(a) The Commissioner shall issue a license to each applicant that:
(1) meets the requirements of this subtitle; and
(2) pays the applicable fee for a license for an insurance producer under § 2-112 of this article.
(b) (1) In this subsection, “controlling person” means a person that directly or indirectly has the power to direct, or cause to be directed, the management, control, or activities of a reinsurance intermediary.
(2) The Commissioner may refuse to issue a license if the Commissioner finds that the applicant, an individual named on the application, a member, principal, officer, or director of the applicant, or a controlling person of the applicant:
(i) is not trustworthy to act as a reinsurance intermediary;
(ii) has given cause for revocation or suspension of a license; or
(iii) has failed to comply with a requirement for issuance of a license.
(3) On written request, the Commissioner shall provide a summary of the basis for the refusal to issue a license.
(4) The summary of the basis for refusal is privileged and is not a public document under Title 10, Subtitle 6 of the State Government Article.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
