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Ch. 81 2002 LAWS OF MARYLAND
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(ii) the cost of the inspection is actually incurred by the surplus
lines broker and not retained by the surplus lines broker; AND
(iii) [the surplus lines broker does not have a financial interest in
and does not receive compensation from the person that performs the inspection; and
(iv) ] the cost of the inspection is documented and verifiable.
(4) Regardless of the number of insurers participating on a risk:
(i) only one inspection fee may be charged to recoup the actual cost
of an inspection under paragraph (3) of this subsection for each policy or certificate of
coverage; and
(ii) only one policy fee may be charged under paragraph (1) of this
subsection for each policy or certificate of coverage.
(5) On a form approved by the Commissioner, the surplus lines broker
shall:
(I) make a clear and conspicuous written disclosure of:
[(i)] 1. any inspection fee;
[(ii)] 2. the total amount of the policy fee; [and]
[(iii)] 3. the premium tax on the policy; AND
4. ANY FINANCIAL INTEREST IN THE PERSON PERFORMING
THE INSPECTION, IF APPLICABLE; AND
5. WHETHER THE SURPLUS LINES BROKER WILL RECEIVE
COMPENSATION FROM THE PERSON THAT PERFORMS THE INSPECTION; AND
(II) NOTIFY THE PROSPECTIVE INSURED OF THE OPTION TO
OBTAIN THE INSPECTION FROM ANOTHER PERSON WHO MEETS THE REQUIREMENTS
OF OR IS APPROVED BY THE SURPLUS LINES INSURER
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2002.
Approved April 9, 2002.
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CHAPTER 81
(House Bill 737)
AN ACT concerning
Harford County - Havre de Grace Maritime Museum Loan of 2001
FOR the purpose of providing that part of the matching fund required pursuant to
Chapter 203 of the Acts of the General Assembly of 2001, Harford County -
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