Maryland Code, INSURANCE 27-406.1
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Terms Used In Maryland Code, INSURANCE 27-406.1
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) In this section, “individual surety” means a person that:
(1) issues surety bonds or contracts of surety insurance; and
(2) does not have a certificate of authority issued by the Commissioner.
(b) It is a fraudulent insurance act for an individual surety to solicit or issue a surety bond or contract of surety insurance except as provided in:
(1) §§ 13-207 and 17-104 of the State Finance and Procurement Article; and
(2) for an uncompensated person, §§ 5-203 and 5-204 of the Criminal Procedure Article.