PARRIS N. GLENDENING, Governor

S.B. 476

AGENT OR A CHANGE OF BROKER OF RECORD WITHIN 30 WORKING DAYS AFTER
RECEIPT OF THE REQUEST UNLESS THE POLICYHOLDER WITHDRAWS THE REQUEST
IN WRITING.

(B)     THE NEW AGENT OR BROKER OF RECORD MUST HAVE A CURRENT
APPOINTMENT OR AND CONTRACT WITH THE AUTHORIZED INSURER BEFORE THE
CHANGE OF AGENT OR BROKER OF RECORD WILL BE EFFECTIVE.

(C)      (1) SUBJECT TO THE PROVISIONS OF PARAGRAPH (2) OF THIS
SUBSECTION, THE NEW AGENT OR BROKER OF RECORD SHALL BE PAID ALL
COMMISSIONS PAYABLE ON THE POLICY EFFECTIVE NOT LATER THAN THE NEXT
ANNIVERSARY DATE OF THE POLICY FOLLOWING THE EFFECTIVE DATE OF
CHANGE.

(2) THE COMMISSIONS PAYABLE UNDER PARAGRAPH (1) OF THIS
SUBSECTION DO NOT INCLUDE:

(I) VESTED LIFE INSURANCE COMMISSIONS; OR

(II) SUPPLEMENTAL HEALTH INSURANCE COMMISSIONS; OR

(III) COMMISSIONS OR OTHER COMPENSATION PAYABLE UNDER
AN INSURER'S RETIREMENT OR DEFERRED COMPENSATION PLAN WITH THE AGENT
OR BROKER.

(D)     A REQUEST FOR A CHANGE OF AGENT OR BROKER OF RECORD SHALL:

(1)      BE IN WRITING; AND

(2)      INCLUDE:

(I)      THE POLICYHOLDER'S NAME AND ADDRESS;

(II)     THE AUTHORIZED INSURER'S NAME AND ADDRESS;

(III)    THE POLICY NUMBER;

(IV)    THE NAME AND ADDRESS OF THE NEW AGENT OR BROKER OF

RECORD;

(V)     THE DATE OF THE REQUEST; AN©

(VI)    THE SIGNATURE OF THE POLICYHOLDER; AND

(VII) THE SIGNATURE OF ACCEPTANCE BY THE NEW AGENT OR

BROKER.

(E) THIS SECTION DOES NOT REQUIRE AN AUTHORIZED INSURER TO:

(1)      APPOINT OR AND CONTRACT WITH AN AGENT OR BROKER OF
RECORD;

(2)      ALTER AN INSURER'S EXISTING CONTRACT WITH AN AGENT OR
BROKER WHICH PROVIDES FOR DIRECT COMPENSATION IN LIEU OF COMMISSION;
AND

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