|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
Ch. 119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHAPTER 119
(House Bill 344)
AN ACT concerning
Insurance Agents and Brokers - Records
FOR the purpose of requiring insurance agents and brokers to maintain records of
their insurance policies for a certain period of time; requiring insurance agents
and brokers to allow the Maryland Insurance Commissioner to examine the
records; authorizing insurance agents and brokers to keep records in certain
forms; and generally relating to records of insurance agents and brokers the
Maryland Insurance Commissioner to adopt regulations establishing the
minimum length of time for which an and the manner in which an independent
agent or broker is required to maintain records of insurance transactions
conducted by the agent or broker.
BY adding to
Article - Insurance
Section 10-128.1
Annotated Code of Maryland
(1997 Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
10-128.1.
EACH AGENT OR BROKER:
(1) SHALL MAINTAIN RECORDS OF THE AGENT'S OR BROKER'S
INSURANCE POLICIES FOR AT LEAST 8 YEARS AFTER THE CANCELLATION DATE OR
EXPIRATION DATE OF THE POLICIES;
(2) SHALL ALLOW THE COMMISSIONER TO EXAMINE THE RECORDS; AND
(3) MAY KEEP RECORDS IN PHOTOGRAPHIC, IMAGING, MICROFILM,
MICROFICHE, ELECTRONIC DATA PROCESSING, COMPUTER, OR FACSIMILE FORM.
THE COMMISSIONER SHALL ADOPT REGULATIONS ESTABLISHING THE
MINIMUM LENGTH OF TIME FOR WHICH AN AND THE MANNER IN WHICH AN
INDEPENDENT AGENT OR BROKER IS REQUIRED TO MAINTAIN RECORDS OF
INSURANCE TRANSACTIONS CONDUCTED BY THE AGENT OR BROKER
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2000.
|
|
|
|
|
|
|
|
|
|
Approved April 25, 2000.
|
|
|
|
|
|
|
|
|
|
- 739 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
