3662

LAWS OF MARYLAND

Ch. 778

(d) No broker's license shall be issued, continued, or
renewed unless the applicant therefor has on file with the
Commissioner a bond to the State of Maryland in the penalty of
$5,000.00. Such bond must be executed by an authorized surety
insurer and conditioned that the broker will account for and pay
over to the person entitled to receive the same all money
belonging to such person which may come into his hands as an
insurance broker in accordance with the contract between the
parties. Such bond shall remain in force until the surety is
released from liability by the Commissioner or until the bond is
cancelled by the surety. The aggregate liability of the surety
for any and all claims on any such bond shall in no event exceed
the penalty thereof. Without prejudice to any liability accrued
prior to such cancellation the surety may cancel such bond upon
thirty days' written notice filed with the Commissioner.] AN
AGENT'S CERTIFICATE OF QUALIFICATION MAY NOT BE RENEWED IF FOR A
PERIOD OF 2 YEARS PRIOR TO THE TIME OF RENEWAL THE AGENT HAS HAD
NO APPOINTMENTS FROM INSURERS DOING BUSINESS IN THIS STATE.

171.

(a)  A person not resident and not having a place of
business in this State may [be licensed] RECEIVE A CERTIFICATE TO
ACT as an agent or broker upon compliance with the provisions of
this subtitle, other than the provisions of § 177(1) relating to
education or experience, provided that the state in which such
person resides will accord the same privilege to a resident of
this State.

(b)  An agent or broker duly [licensed] CERTIFIED by any
other state, residing outside of this State, may not enter this
State for the purpose of transacting business without obtaining a
[license.] CERTIFICATE. He may, after obtaining [such a
license,] CERTIFICATE AND APPOINTMENT, IF APPLICABLE, negotiate
any contract of insurance upon subjects of insurance resident,
located, or to be performed in this State to the same extent and
upon the same terms and upon payment of the same fees as are
required by such other state from residents of this State
transacting a like business in such other state.

(c)  The Commissioner is further authorized to enter into
reciprocal agreements with the appropriate official of any other
state waiving the written examination of any applicant resident
in such other state, provided:

(1)  That a written examination is required of
applicants for a license in such other state;

(2)  That the appropriate official of such other state
certifies that the applicant holds a currently valid license
CERTIFICATE TO ACT as an agent or broker in such other state and
either passed such written examination or was the holder of an
agent's or broker's license OR CERTIFICATE prior to the time such
written examination was required;