WILLIAM DONALD SCHAEFER, Governor                            Ch. 405

704.

(A)     A LICENSE ISSUED TO AN INDIVIDUAL AUTHORIZES THE INDIVIDUAL TO
ACT AS A REINSURANCE INTERMEDIARY.

(B)      A LICENSE ISSUED TO A FIRM OR ASSOCIATION AUTHORIZES EACH
MEMBER OF THE FIRM OR ASSOCIATION, AND EACH EMPLOYEE OF THE FIRM OR
ASSOCIATION WHO IS LISTED ON THE LICENSE, TO ACT AS A REINSURANCE
INTERMEDIARY.

(C)      A LICENSE ISSUED TO A CORPORATION AUTHORIZES EACH OFFICER OF
THE CORPORATION, AND EACH EMPLOYEE OR DIRECTOR OF THE CORPORATION
WHO IS LISTED ON THE LICENSE, TO ACT AS A REINSURANCE INTERMEDIARY.

705.

(A)     UNLESS A LICENSE IS RENEWED FOR A 2-YEAR TERM AS PROVIDED IN
THIS SECTION, THE LICENSE EXPIRES ON THE FIRST JULY 1 THAT COMES:

(1)      AFTER THE EFFECTIVE DATE OF THE LICENSE; AND

(2)       IN AN ODD-NUMBERED YEAR.

(B)      AT LEAST 1 MONTH BEFORE A LICENSE EXPIRES, THE COMMISSIONER
SHALL MAIL TO THE LICENSEE:

(1)      A RENEWAL APPLICATION FORM;

(2)      A NOTICE THAT STATES:

(I)       THE DATE ON WHICH THE CURRENT LICENSE EXPIRES;

(II)     THE DATE BY WHICH THE COMMISSIONER MUST RECEIVE THE
RENEWAL APPLICATION FOR THE RENEWAL TO BE ISSUED AND MAILED BEFORE
THE LICENSE EXPIRES; AND

(III)    THE AMOUNT OF THE RENEWAL FEE.

(C)      BEFORE A LICENSE EXPIRES, THE LICENSEE PERIODICALLY MAY RENEW
IT FOR A 2-YEAR TERM, IF THE LICENSEE:

(1)      OTHERWISE IS ENTITLED TO A LICENSE;

(2)      PAYS TO THE COMMISSIONER THE APPLICABLE RENEWAL FEE FOR
AN AGENT OR BROKER UNDER § 41 OF THIS ARTICLE; AND

(3)      SUBMITS TO THE COMMISSIONER A RENEWAL APPLICATION ON THE
FORM THAT THE COMMISSIONER PROVIDES.

(D)     THE COMMISSIONER SHALL RENEW THE LICENSE OF EACH LICENSEE
WHO MEETS THE REQUIREMENTS OF THIS SECTION.

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