Ch. 369

1996 LAWS OF MARYLAND

UNDERWRITERS AND IS A MEMBER, IN GOOD STANDING, OF THE AMERICAN
SOCIETY OF CHARTERED LIFE UNDERWRITERS AND CHARTERED FINANCIAL
CONSULTANTS;

4.       HAS BEEN CONFERRED THE CERTIFIED EMPLOYEE
BENEFIT SPECIALIST (C.E.B.S.) DESIGNATION BY THE INTERNATIONAL FOUNDATION
OF EMPLOYEE BENEFIT PLANS AND IS A MEMBER, IN GOOD STANDING, OF THE
INTERNATIONAL SOCIETY OF CERTIFIED EMPLOYEE BENEFIT SPECIALISTS;

5.       HAS BEEN CONFERRED THE CERTIFIED FINANCIAL
PLANNER (C.F.P.) DESIGNATION BY THE CERTIFIED FINANCIAL PLANNERS BOARD
OF STANDARDS, AND WHOSE DESIGNATION AS A C.F.P. IS CURRENT AND IN GOOD
STANDING WITH THE CERTIFIED FINANCIAL PLANNERS BOARD OF STANDARDS; OR

6.       HAS SUCCESSFULLY COMPLETED A COURSE OF STUDY
EQUIVALENT TO ANY COURSE OF STUDY REQUIRED FOR MEMBERSHIP IN GOOD
STANDING IN ANY OF THE SOCIETIES OR PROFESSIONAL ENTITIES LISTED IN
SUBITEMS 1 THROUGH 5 OF THIS ITEM AS APPROVED BY THE COMMISSIONER AND
HAS BEEN CONFERRED THE CERTIFIED INSURANCE COUNSELOR DESIGNATION OF
THE SOCIETY OF CERTIFIED INSURANCE COUNSELORS; OR

(III) A NONRESIDENT OF MARYLAND WHO IS LICENSED AS AN
INSURANCE ADVISER IN THEIR ACTUAL STATE OF RESIDENCE.

[(2) The Commissioner may issue a limited insurance adviser's license
restricting the authority of the licensee to an extent agreed upon with said licensee. Said
limitations shall be set forth in the license. In all other respects, the granting of limited
insurance advisers' licenses shall be governed by the provisions relating to insurance
advisers as set out in this section.]

(3) (I) [No] A license to act as an insurance adviser may be issued ONLY
to [other than] an individual.

(II) Licensees may conduct their insurance advisory business as a sole
proprietorship, partnership, association, or corporation, provided that every individual
who acts as an insurance adviser shall be licensed in accordance with the provisions of this
subtitle, provided the trade name is registered with the Insurance Commissioner.

(III) A NONRESIDENT LICENSEE MAY NOT ACT AS AN INSURANCE
ADVISER FOR LIFE INSURANCE AND HEALTH INSURANCE

[(4) In addition to the requirements of paragraph (1) of this subsection, the
licensee must be trustworthy and competent to act as an insurance adviser in such manner
as not to jeopardize the public interest, and must have complied with the prerequisites
herein prescribed.]

[(f) The Commissioner shall, in order to determine the trustworthiness and
competency to act as an insurance adviser of each individual applicant, other than an
applicant who is a member in good standing of one of the actuarial organizations or
professional societies specified in subsection (d), require every such individual to take
and pass, to the satisfaction of the Commissioner, a personal written examination. An
examination fee of $15 shall be charged. The Commissioner shall satisfy himself as to the

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