|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor S.B. 463
TITLE INSURER UNDER THE EXAMINATION, AND A SINGLE REPORT MAY NOT BE
MADE TO APPLY TO MORE THAN ONE AUTHORIZED TITLE INSURER.
10-101.
(a) In this subtitle the following words have the meanings indicated.
(b) "Business entity" means a corporation, professional association,
partnership, limited liability company, limited liability partnership, or other legal
entity.
(d) (1) "License" means a document issued by the Commissioner to act as an
insurance producer for the kind or subdivision of insurance or combination of kinds or
subdivisions of insurance specified in the document.
(2) "License" includes a limited lines license.
(i) (1) "Title insurance producer" means a person that, for compensation,
solicits, procures, or negotiates title insurance contracts.
(2) "Title insurance producer" includes a person that provides escrow,
closing, or settlement services that [may] result in the issuance of a title insurance
contract.
(3) "Title insurance producer" does not include:
(i) individuals employed and used by title insurance producers for
the performance of clerical and similar office duties;
(ii) a financial institution as defined in § 1-101(i) of the Financial
Institutions Article that does not solicit, procure, or negotiate title insurance
contracts for compensation; or
(iii) a title insurance insurer that is licensed under this article.
10-103.
(a) In this section, the term "insurer" does not include an insurer's officers,
directors, employees, subsidiaries, or affiliates.
(b) The licensing requirements of this section do not apply to:
(1) an insurer;
(2) an officer, director, or employee of an insurer or of an insurance
producer who does not receive any commission on policies written or sold to insure
risks residing, located or to be performed in the State if:
(i) the activities of the officer, director, or employee are executive,
administrative, managerial, clerical, or a combination of these, and are only indirectly
related to the sale, solicitation, or negotiation of insurance;
(ii) the function of the officer, director, or employee relates to
underwriting, loss control, inspection, or the processing, adjusting, investigating, or
settling of a claim on a contract of insurance; or
- 3125 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
