Ch. 36                                          1995 LAWS OF MARYLAND

10-206. BOND REQUIRED.

AN APPLICANT FOR A LICENSE SHALL FILE WITH THE COMMISSIONER A BOND
THAT:                                                                                                                   

(1)      IS APPROVED BY THE COMMISSIONER AS TO FORM AND
SUFFICIENCY OF SECURITY;

(2)      IS EXECUTED BY THE APPLICANT AND AN AUTHORIZED SURETY
INSURER;

(3)      IS IN THE PENAL SUM OF $1,000;

(4)      IS CONDITIONED ON THE APPLICANT FAITHFULLY PERFORMING
THE DUTIES OF AN ADVISER;

(5)      RUNS TO THE STATE; AND

(6)      SPECIFICALLY AUTHORIZES THE STATE TO RECOVER THE PENAL
SUM OF THE BOND IF THE APPLICANT IS GUILTY OF FRAUDULENT OR DISHONEST
PRACTICES WHILE ACTING AS AN ADVISER.

REVISOR'S NOTE: This section is new language derived without substantive
change from the second sentence of former Art. 48A, § 182(i) and except as it
related to renewal of licenses, the first sentence.

Defined terms: "Adviser" § 10-201
"Commissioner" § 1-101
"License" § 10-201

10-207. ISSUANCE OF LICENSE.

THE COMMISSIONER SHALL ISSUE A LICENSE TO EACH APPLICANT WHO MEETS
THE REQUIREMENTS OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language added to state expressly that
which only was implied in the former law, i.e., the Commissioner shall issue a
license to each applicant who meets the requirements for the license.

Defined terms: "Commissioner" § 1-101
"License" § 10-201

10-208. SCOPE OF LICENSE.

(A)     NONRESIDENT LICENSEES.

A NONRESIDENT LICENSEE MAY NOT ACT AS AN ADVISER FOR LIFE
INSURANCE AND HEALTH INSURANCE.

(B)     ADJUSTING LOSSES AND SELLING INSURANCE.
A LICENSE DOES NOT AUTHORIZE THE LICENSEE TO:

(1) ADJUST LOSSES; OR

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