Ch. 656                                    1997 LAWS OF MARYLAND

(in) 1. a nonresident of Maryland who is licensed as an insurance
adviser in their actual state of residence: OR

2. IF THE COMMISSIONER DETERMINES THAT THE
APPLICANT IS OTHERWISE QUALIFIED TO ACT AS AN INSURANCE ADVISER, A
NONRESIDENT OF MARYLAND WHOSE STATE OF RESIDENCE DOES NOT ISSUE:

A. AN INSURANCE ADVISER'S LICENSE; OR

B. THE EQUIVALENT OF AN INSURANCE ADVISER'S LICENSE.

(h) Every insurance adviser's [license] CERTIFICATE OF QUALIFICATION
issued pursuant to this section shall be for a term expiring [on the thirty-first day of
December of every odd-numbered year] AT THE END OF EVERY OTHER JUNE 30, and
may be renewed for the ensuing years upon the filing of an application in conformity with
subsection (e). If an application for a renewal [license] CERTIFICATE shall have been
filed with the Commissioner ON OR before [January first] JUNE 30 of the [licensing]
RENEWAL year, the [license] CERTIFICATE sought to be renewed shall continue in full
force and effect either until the issuance of the renewal [license] CERTIFICATE or until
five days after the Commissioner shall have refused to issue such renewal [license]
CERTIFICATE and shall have given notice of such refusal to the applicant.

(i) No [license or renewal license] NO CERTIFICATE, RENEWAL CERTIFICATE,
OR REINSTATED CERTIFICATE shall be issued to any applicant unless there shall be on
file with the Commissioner a bond, approved by him as to form and sufficiency of security,
executed by the applicant and by an authorized surety insurer, in the penal sum of one
thousand dollars, conditioned upon the faithful performance by the [licensee]
CERTIFICATE HOLDER named in the [license] CERTIFICATE of his duties as insurance
adviser. The bond shall be made to the State of Maryland, and shall specifically authorize
recovery by the State of the penal sum provided therein in case the insurance adviser shall
have been guilty of fraudulent or dishonest practices in connection with the transaction of
his or its business as an insurance adviser.

182.1.

(A)    IF AN APPLICATION FOR RENEWAL OF AN INSURANCE ADVISER'S
CERTIFICATE OF QUALIFICATION HAS NOT BEEN RECEIVED BY THE COMMISSIONER
IS NOT POSTMARKED ON OR BEFORE JUNE 30 OF THE YEAR OF RENEWAL, IN
ACCORDANCE WITH § 182(H) OF THIS ARTICLE, THE CERTIFICATE OF
QUALIFICATION SHALL EXPIRE AT THE END OF THE AFTER THAT JUNE 30
IMMEDIATELY PRECEDING THE RENEWAL DATE.

(B)     ON OR BEFORE SEPTEMBER 30 OF THE RENEWAL YEAR, A PERSON WHOSE
INSURANCE ADVISER'S CERTIFICATE OF QUALIFICATION HAS EXPIRED MAY
REINSTATE THE EXPIRED CERTIFICATE BY:

(1)     FILING WITH THE COMMISSIONER THE APPROPRIATE
REINSTATEMENT APPLICATION; AND

(2)     PAYING TO THE COMMISSIONER THE APPLICABLE REINSTATEMENT
FEE REQUIRED UNDER SUBSECTION (C) OF THIS SECTION.

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