Maryland Code, INSURANCE 8-505
Terms Used In Maryland Code, INSURANCE 8-505
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Service of process: The service of writs or summonses to the appropriate party.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) The appointment:
(i) is irrevocable;
(ii) binds the applicant and any successor in interest; and
(iii) remains in effect as long as there is in force in the State a contract made by the applicant or an obligation arising from a contract made by the applicant.
(b) (1) Each nonresident applicant for a license shall provide the Commissioner with the name and address of a resident of the State on whom notice and orders of the Commissioner and process issued against the applicant may be served.
(2) (i) A nonresident licensee promptly shall notify the Commissioner of a change in its designated agent for service.
(ii) A change is not effective until acknowledged by the Commissioner.