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Session Laws, 1963
Volume 671, Page 1071   View pdf image (33K)
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J. MILLARD TAWES, Governor                     1073

annual renewal thereof, there shall be paid to the Commissioner by
each individual applicant, other than an applicant to whom a license
is issued because of his membership, in good standing, of one of the
actuarial organizations specified in subsection (d), the fee pre-
scribed in section 41; provided, however, that if such applicant is a
nonresident licensed as an insurance adviser in the state of his
residence the fee for such license and renewals thereof shall be the
same as the fees payable in the applicant's state of residence,
but such licensed adviser shall not advise as to life and health insur-

(h) Term and renewal.

Every insurance adviser's license issued pursuant to this section
shall be for a term expiring on the thirty-first day of December next
following the date of its issuance, and may be renewed for the
ensuing calendar year upon the filing of an application in conformity
with subsection (e). If an application for a renewal license shall
have been filed with the Commissioner before January first of the
ensuing year, the license sought to be renewed shall continue in full
force and effect either until the issuance of the renewal license or
until five days after the Commissioner shall have refused to issue
such renewal license and shall have given notice of such refusal to
the applicant.

(i) Bond of applicant.

No license or renewal license shall be issued to any applicant
unless there shall be on file with the Commissioner a bond, approved
by him as to form and sufficiency of security, executed by such appli-
cant and by an authorized surety insurer, in the penal sum of one
thousand dollars, conditioned upon the faithful performance by such
licensee named in such license of his duties as insurance advisers.
Such bond shall be made to the State of Maryland, and shall spe-
cifically authorize recovery by the State of the penal sum provided
therein in case the insurance adviser shall have been guilty of
fraudulent or dishonest practices in connection with the transaction
of his or its business as an insurance adviser.

(j) Information may be required by Commissioner.

The Commissioner may at any time require such information as
he deems necessary in respect to the business methods, policies, con-
tracts and transactions of a person, firm, association or corporation
licensed hereunder. Such information shall be furnished within ten
days after receiving written request therefor, and in such form as
the Commissioner may require.

(k) Validity of contracts or agreements.

No contract or agreement between an insurance adviser and any
other person relating to the giving of advice, recommendations or
information of the type referred to in subsection (b) of this section,
shall be enforceable by or on behalf of such insurance adviser unless
it is in writing, and executed personally in duplicate by the person
to be charged or by his legal representative, nor unless one of said
duplicates is delivered to and retained by such person when it is
signed by him, nor unless it plainly specifies the amount of the fee
paid or to be paid by such person and the services to be rendered by
such insurance adviser, nor unless it is in the form currently ap-


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Session Laws, 1963
Volume 671, Page 1071   View pdf image (33K)
 Jump to  

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