Ch. 36                                          1995 LAWS OF MARYLAND

(2) PAY TO THE COMMISSIONER AN APPLICATION FEE OF $25.
(B) CONTENTS OF APPLICATION FORM.
THE APPLICATION FORM SHALL REQUIRE:

(1)      FOR A FIRM OR ASSOCIATION, TOE NAME OF EACH MEMBER OF THE
FIRM OR ASSOCIATION AND OF EACH EMPLOYEE OF THE FIRM OR ASSOCIATION
WHO WILL ACT AS A REINSURANCE INTERMEDIARY UNDER THE LICENSE; AND

(2)      FOR A CORPORATION, THE NAME OF EACH OFFICER OF THE
CORPORATION AND OF EACH EMPLOYEE AND DIRECTOR OF THE CORPORATION
WHO WILL ACT AS A REINSURANCE INTERMEDIARY UNDER THE LICENSE.

REVISOR'S NOTE: This section formerly was Art. 48A, § 718.

In subsection (b)(2) of this section, the reference to "a reinsurance
intermediary" is substituted for the former reference to "an insurance
intermediary" for accuracy and consistency within this section.

The only other changes are in style.

Defined terms: "Commissioner" § 1-101
"License" § 8-501
"Reinsurance intermediary" § 8-501

8-507. ISSUANCE OF LICENSE.

(A)     IN GENERAL.

THE COMMISSIONER SHALL ISSUE A LICENSE TO EACH APPLICANT THAT:

(1)      MEETS THE REQUIREMENTS OF THIS SUBTITLE; AND

(2)      PAYS THE APPLICABLE FEE FOR A CERTIFICATE OF QUALIFICATION
FOR AN AGENT OR BROKER UNDER § 2-112 OF THIS ARTICLE.

(B)      REFUSAL TO ISSUE.

(1)      IN THIS SUBSECTION, "CONTROLLING PERSON" MEANS A PERSON
THAT DIRECTLY OR INDIRECTLY HAS THE POWER TO DIRECT, OR CAUSE TO BE
DIRECTED, THE MANAGEMENT, CONTROL, OR ACTIVITIES OF A REINSURANCE
INTERMEDIARY.

(2)      THE COMMISSIONER MAY REFUSE TO ISSUE A LICENSE IF THE
COMMISSIONER FINDS THAT THE APPLICANT, AN INDIVIDUAL NAMED ON THE
APPLICATION, A MEMBER, PRINCIPAL, OFFICER, OR DIRECTOR OF THE APPLICANT,
OR A CONTROLLING PERSON OF THE APPLICANT:

(I)       IS NOT TRUSTWORTHY TO ACT AS A REINSURANCE
INTERMEDIARY;

(II)     HAS GIVEN CAUSE FOR REVOCATION OR SUSPENSION OF A
LICENSE; OR

- 1192 -