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2080 LAWS OF MARYLAND Ch. 338
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DUE TO AN INSURED, AND UNEARNED COMMISSIONS DDE TO AN
INSURER. THE 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 AMOUNT
THEREOF. WITHOUT PREJUDICE TO ANY LIABILITY ACCRUED
PRIOR TO THE CANCELLATION THE SURETY MAY CANCEL THE BOND
UPON 30 DAYS' WRITTEN NOTICE FILED WITH THE COMMISSIONER.
UPON NOTIFICATION OF THE CANCELLATION OF ITS BOND FILED
WITH THE COMMISSIONER, A PREMIUM FINANCE COMPANY MUST ACT
PROMPTLY TO REPLACE THE BOND, AND UPON ITS FAILURE TO DO
SO, THE COMMISSIONER SHALL DENY, SUSPEND, REVOKE OR
REFUSE TO CONTINUE THE REGISTRATION OF THE PREMIUM
FINANCE COMPANY UNTIL THE REQUIRED BOND IS FILED.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 17, 1977.
CHAPTER 339
(Senate Bill 695)
AN ACT concerning
Insurance Claims
FOR the purpose of requiring insurers to notify certain
prospective claimants under certain circumstances;
insured of certain filing requirements for claims;
and clarifying language.
BY repealing and reenacting, with amendments,
Article 48A - Insurance Code
Section 544
Annotated Code of Maryland
(1972 Replacement Volume and 1976 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 544 of Article 48A - Insurance
Code, of the Annotated Code of Maryland (1972 Replacement
Volume and 1976 Supplement) be and it is hereby repealed
and reenacted, with amendments, to read as follows:
Article 48A - Insurance Code
544.
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(a) All payments of benefits prescribed under § 539
shall be made periodically as the claims therefor arise
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