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Ch. 194
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2006 LAWS OF MARYLAND
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the requirements for sending certain notices; clarifying that a cancellation date
stated in a notice of intent to cancel or a notice of cancellation of an insurance
contract is not superseded by the issuance of a subsequent notice of intent to
cancel or notice of cancellation; altering the circumstances under which an
insurance contract is invalid and a policy shall be voided; requiring a certain
disclosure comparing the costs and terms of premium financing with the
insurer's alternative payment plan to contain certain information; making
conforming changes; and generally relating to the regulation of premium
finance companies.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 23-203 through 23-206, 23-208, 23-301, 23-307, 23-402, 23-403.1, and
23-505.2
Annotated Code of Maryland
(2002 Replacement Volume and 2005 Supplement)
BY repealing
Article -Insurance
Section 23-401.1
Annotated Code of Maryland
(2002 Replacement Volume and 2005 Supplement)
BY adding to
Article - Insurance
Section 23-401.1
Annotated Code of Maryland
(2002 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
23-203.
(a) An applicant for INITIAL registration shall:
(1) file with the Commissioner:
(I) an application on the form that the Commissioner requires;
(II) IN THE CASE OF A CORPORATION OR LIMITED LIABILITY
COMPANY, A CERTIFICATE OF GOOD STANDING ISSUED BY THE STATE DEPARTMENT
OF ASSESSMENTS AND TAXATION;
(III) EVIDENCE OF COMPLIANCE WITH § 23-202 OF THIS SUBTITLE;
(IV) THE FORM OF THE PREMIUM FINANCE AGREEMENT TO BE
USED; AND
- 920 -
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