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2017 Maryland Code
Insurance
Title 23 - Premium Financing
Subtitle 1 - Definitions; General Provisions
§ 23-101. Definitions
Universal Citation: MD Ins Code § 23-101 (2017)
- (a) In general. -- In this title the following words have the meanings indicated.
- (b) Actuarial method. -- "Actuarial method" has the meaning stated in ยง 12-1009 of the Commercial Law Article.
- (c) Premium finance agreement. --
- (1) "Premium finance agreement" means an agreement:
- (i) by which an insured or prospective insured promises to pay a premium finance company the amount advanced or to be advanced under the agreement, together with interest and a service fee, to an insurer or an insurance producer in payment of premiums; and
- (ii) that contains an assignment of or is otherwise secured by the unearned premium or refund obtainable from the insurer on cancellation of the insurance contract.
- (2) "Premium finance agreement" does not include a premium financed in connection with a time sale of goods or services or an extension of credit without charge by an insurance producer.
- (1) "Premium finance agreement" means an agreement:
- (d) Premium finance company. -- "Premium finance company" means a person that engages in the business of entering into or accepting premium finance agreements.
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