Maryland Code, INSURANCE 4-203
Terms Used In Maryland Code, INSURANCE 4-203
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- 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
(1) acceptance of service of process;
(2) surplus lines insurance;
(3) a transaction for which a certificate of authority is not required under § 4-101(b) of this title;
(4) reinsurance, as authorized under Title 5, Subtitle 9 of this article;
(5) an adjuster while providing services with respect to a claim under a policy lawfully solicited, issued, and delivered outside of the State; or
(6) the professional services of an attorney at law.
(b) With respect to a subject of insurance resident, located, or to be performed in the State, a person may not in the State directly or indirectly act as an insurance producer for, or otherwise represent or help on behalf of another, an unauthorized insurer to:
(1) solicit, negotiate, or effect insurance or an annuity contract;
(2) inspect risks;
(3) fix rates;
(4) investigate or adjust losses;
(5) collect premiums; or
(6) transact insurance business in any other manner.