§ 8-507. Issuance of license

   (a) In general. -- The Commissioner shall issue a license to each applicant that:

   (1) meets the requirements of this subtitle; and

   (2) pays the applicable fee for a license for an insurance producer under § 2-112 of this article.

(b) Refusal to issue. --

   (1) In this subsection, "controlling person" means a person that directly or indirectly has the power to direct, or cause to be directed, the management, control, or activities of a reinsurance intermediary.

   (2) The Commissioner may refuse to issue a license if the Commissioner finds that the applicant, an individual named on the application, a member, principal, officer, or director of the applicant, or a controlling person of the applicant:

      (i) is not trustworthy to act as a reinsurance intermediary;

      (ii) has given cause for revocation or suspension of a license; or

      (iii) has failed to comply with a requirement for issuance of a license.

   (3) On written request, the Commissioner shall provide a summary of the basis for the refusal to issue a license.

   (4) The summary of the basis for refusal is privileged and is not a public document under Title 10, Subtitle 6 of the State Government Article.

HISTORY: An. Code 1957, art. 48A, § 714, 719; 1995, ch. 36; 2001, ch. 731, § 1.