HARRY HUGHES, Governor

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(2) POSSESSES A VALID BROKER'S CERTIFICATE OF
QUALIFICATION FOR THE KIND OR KINDS OF INSURANCE OR SUBDIVISION
THEREOF FOR WHICH THAT INDIVIDUAL INTENDS TO ACT AS AGENT AND PAY
THE APPLICABLE FEE FOR AN ORIGINAL AGENT'S CERTIFICATE OF
QUALIFICATION AS SPECIFIED IN § 41 OF THIS ARTICLE.

(C)  TO OBTAIN A CERTIFICATE OF QUALIFICATION TO ACT AS AN
INSURANCE BROKER, A PERSON SHALL:

(1)  (I) COMPLY WITH SUBSECTION (B)(1)(I) AND (II) OF
THIS SECTION, AND PAY THE APPLICABLE FEE AS SPECIFIED IN § 41 OF
THIS ARTICLE; OR

(II) POSSESS A VALID AGENT'S CERTIFICATE OF
QUALIFICATION IN THE FIELD IN WHICH THAT INDIVIDUAL INTENDS TO
ACT AS BROKER AND PAY THE APPLICABLE FEE FOR AN ORIGINAL BROKER'S
CERTIFICATE OF QUALIFICATION AS SPECIFIED IN § 41 OF THIS
ARTICLE; AND

(2)  FILE WITH THE COMMISSIONER A BOND TO THE STATE OF
MARYLAND IN THE PENALTY OF $10,000. THE BOND SHALL BE EXECUTED
BY AN AUTHORIZED SURETY INSURER AND CONDITIONED THAT THE BROKER
WILL ACCOUNT FOR AND PAY OVER TO THE PERSON ENTITLED TO RECEIVE
THE SAME ALL MONEY BELONGING TO SUCH PERSON WHICH MAY COME INTO
HIS HANDS AS AN INSURANCE BROKER IN ACCORDANCE WITH THE CONTRACT
BETWEEN THE PARTIES. THE BOND SHALL REMAIN IN FORCE UNTIL THE
SURETY IS RELEASED FROM LIABILITY BY THE COMMISSIONER OR UNTIL
THE BOND IS CANCELED 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 THEREOF. WITHOUT PREJUDICE TO ANY
LIABILITY ACCRUED PRIOR TO ANY CANCELLATION THE SURETY MAY CANCEL
THE BOND UPON 30 DAYS' WRITTEN NOTICE FILED WITH THE
COMMISSIONER.

(D)  (1) A PERSON WHO HAS LICENSED OR QUALIFIED TO ACT AS AN
AGENT OR BROKER ON JUNE 30, 1985 MAY OBTAIN A CERTIFICATE OF
QUALIFICATION TO ACT AS AN AGENT OR BROKER, OR BOTH, FOR THE KIND
OR KINDS OF INSURANCE OR SUBDIVISIONS THEREOF FOR WHICH THAT
PERSON WAS PREVIOUSLY LICENSED OR QUALIFIED BY FILING THE
APPROPRIATE APPLICATION FOR AN ORIGINAL CERTIFICATE OF
QUALIFICATION WITH THE COMMISSIONER AND PAYING THE FEE FOR AN
ORIGINAL AGENT'S OR BROKER'S CERTIFICATE OF QUALIFICATION, OR
BOTH, AS SPECIFIED UNDER § 41 OF THIS ARTICLE.

(2) AGENTS AND BROKERS SHALL APPLY FOR CERTIFICATES
ACCORDING TO THE FOLLOWING SCHEDULE:

(I)  AN AGENT OR BROKER WHO POSSESSES A VALID
LICENSE AS OF JUNE 30, 1985 SHALL APPLY FOR A CERTIFICATE OF
QUALIFICATION UPON THE FIRST EXPIRATION OR RENEWAL DATE OF ANY
EXISTING LICENSE OR LICENSES.

(II)  AN AGENT WHO IS ON JUNE 30, 1985 QUALIFIED
TO ACT AS AN AGENT BUT NOT POSSESSING A LICENSE BECAUSE OF LACK