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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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INSURANCE |
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TITLE 8. ENTITIES THAT ACT AS INSURERS |
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SUBTITLE 2. MANAGING GENERAL AGENTS |
§ 8-201. Definitions
Latest version.
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(a) In general. -- In this subtitle the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection formerly was the introductory language of Art. 48A, § 665.
** REVISOR'S NOTE
The only changes are in style.
(b) Certificate of qualification. -- "Certificate of qualification" means a certificate of qualification issued by the Commissioner to act as a managing general agent.
** REVISOR'S NOTE
This subsection is new language added to avoid repetition of the phrase "certificate of qualification issued by the Commissioner to act as a managing general agent".
** DEFINED TERMS:
"Commissioner" § 1-101
** DEFINED TERMS:
"Managing general agent" § 8-201
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(c) Managing general agent. -- **
(1) "Managing general agent" means a person: **
(i) that: **
1. manages all or part of the insurance business of an insurer, including the management of a separate division, department, office, or subsidiary of the insurer; and **
2. with or without authority, separately or with affiliates, directly or indirectly produces or underwrites gross direct written premiums at least equal to 5% of the insurer's policyholder surplus for any quarter or year, as reported in the insurer's most recently filed quarterly report or annual statement; and **
(ii) that: **
1. negotiates or binds ceding reinsurance contracts for the insurer; **
2. adjusts or pays claims of more than $ 500; or **
3. maintains loss reserves from which claims may be paid.**
(2) "Managing general agent" does not include: **
(i) an employee of the insurer; **
(ii) a United States manager of the United States branch of an alien insurer; **
(iii) an attorney in fact authorized by and acting for the subscribers of a reciprocal insurer under a power of attorney; **
(iv) an authorized insurance producer acting for a surety insurer that engages exclusively in the business of issuing bail bonds; or **
(v) an underwriting manager that, by contract: **
1. manages all the insurance operations of the insurer; **
2. is under common control with the insurer and is subject to Title 7, Subtitle 6 of this article; and **
3. is not compensated based on the volume of premiums written.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 48A, § 665(2).
REVISOR'S NOTE
In paragraph (2)(iii) of this subsection, the former reference to an "interinsurance exchange" is deleted as included in the defined term "reciprocal insurer".
"Alien insurer" § 1-101
"Insurance" § 1-101
"Insurance business" § 1-101
"Insurer" § 1-101
"Person" § 1-101
"Premium" § 1-101
"Reciprocal insurer" § 1-101
"Reinsurance" § 1-101
"Underwrite" § 8-201
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(d) Underwrite. -- "Underwrite" means to accept or reject risks for an insurer.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 48A, § 665(3).
REVISOR'S NOTE
The former reference to "the authority" to accept or reject risks is deleted as surplusage.
DEFINED TERM:
"Insurer" § 1-101