Maryland Code, INSURANCE 8-503
Terms Used In Maryland Code, INSURANCE 8-503
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
(b) (1) Except as otherwise provided in paragraph (2) of this subsection, before a person acts as a reinsurance manager or reinsurance broker in the State, the person:
(i) in the case of a person that maintains an office in the State:
1. must obtain a license under this subtitle; or
2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article; or
(ii) in the case of a person that maintains an office in another state:
1. must obtain a license under this subtitle or under a law of another state that is substantially similar to this subtitle; or
2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article or under a law of another state that is substantially similar to Title 10, Subtitle 1 of this article.
(2) Before a person acts as a reinsurance manager for a reinsurer domiciled in the State, the person must:
(i) obtain a license under this subtitle; or
(ii) qualify as an insurance producer under Title 10, Subtitle 1 of this article.
(3) This subsection applies to a person that maintains an office in the State either directly or as a member or employee of a firm or association or as an officer, director, or employee of a corporation that maintains an office in the State.