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2006 LAWS OF MARYLAND
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Ch. 620
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
10-101,
(J) "TITLE INSURANCE PRODUCER INDEPENDENT CONTRACTOR" MEANS A
PERSON THAT:
(1) IS LICENSED TO ACT AS A TITLE INSURANCE PRODUCER:
(2) PROVIDES ESCROW, CLOSING, OR SETTLEMENT SERVICES THAT MAY
RESULT IN THE ISSUANCE OF A TITLE INSURANCE CONTRACT AS AN INDEPENDENT
CONTRACTOR FOR OR ON BEHALF OF, A LICENSED AND APPOINTED TITLE
INSURANCE PRODUCER; AND
(3) IS NOT AN EMPLOYEE OF, OR ASSOCIATED WITH, THE LICENSED AND
APPOINTED TITLE INSURANCE PRODUCER
[(j)] (K) "Uniform application" means the current version of the NAIC
uniform application for resident and nonresident insurance, producer licensing.
[(k)] (L) "Uniform business entity application" means the current version of
the NAIC uniform business entity application for resident and nonresident business
entities.
10-121.
(d) (1) In addition to meeting any of the applicable requirements for a
license to act as an insurance producer under this subtitle, a sole proprietor, a limited
liability company, a partnership, or a corporate applicant for a license as a title
insurance producer shall file with the Commissioner;
(i) a blanket fidelity bond covering appropriate employees AND
TITLE INSURANCE PRODUCER INDEPENDENT CONTRACTORS: and
(j) (1) (i) The EXCEPT AS PROVIDED IN PARAGRAPH (5) OF THIS
SUBSECTION, THE title insurer shall[, at least annually,] DURING EACH CALENDAR
YEAR conduct an on-site review of the underwriting, claims, and escrow practices of
each title insurance producer appointed by the insurer as a principal agent as
designated in the title insurance agency contract between the insurer and the
producer.
(II) EXCEPT AS PROVIDED IN PARAGRAPH (5) OF THIS SUBSECTION,
THE ON SITE REVIEW SHALL BE CONDUCTED:
1. AT LEAST ONCE AT ANY TIME DURING THE CALENDAR
YEAR IMMEDIATELY FOLLOWING THE CALENDAR YEAR IN WHICH THE TITLE
INSURANCE PRODUCER IS APPOINTED; AND
2. AFTER THE FIRST ON SITE REVIEW, AT LEAST ONCE AT
ANY TIME DURING EACH SUCCESSIVE CALENDAR YEAR IN WHICH THE TITLE
INSURANCE PRODUCER IS APPOINTED.
- 2888 -
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