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Ch. 286 2002 LAWS OF MARYLAND
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(ii) the date by which the Commissioner must receive the renewal
application for the renewal to be issued and mailed before the certificate of authority
expires; and
(iii) the amount of the renewal fee.
(c) Before a certificate of authority expires, the holder of the certificate of
authority may renew it for an additional 1-year term, if the holder:
(1) otherwise is entitled to a certificate of authority;
(2) files with the Commissioner a renewal application on the form that
the Commissioner provides; and
(3) pays to the Commissioner the appropriate renewal fee required by §
2-112 of this article.
(d) (1) The Commissioner shall renew the certificate of authority of each
holder who meets the requirements of this subtitle.
(2) If a certificate holder pays the applicable renewal fee before the
certificate of authority expires, the certificate of authority remains in effect until the
Commissioner renews or refuses to renew the certificate of authority.
(e) (1) An insurer shall mail a renewal application and the applicable
renewal fee on or before June 30. An insurer that fails to renew its certificate of
authority on or before June 30 [shall] MAY forfeit:
(i) $500 for each day from July 1 through July 10;
(ii) $1,000 for each day from July 11 through July 31; and
(iii) $5,000 for each day after July 31.
(2) In addition to the provisions imposed under paragraph (1) of this
subsection, an insurer that fails to renew its certificate of authority on or before June
30 in the previous year shall:
(i) renew its certificate of authority on or before June 1 of the
current year; and
(ii) forfeit $3,000 if the insurer fails to renew its certificate of
authority on or before June 30 in the current year.
(3) In addition to the monetary penalties imposed under this subsection,
on July 1 of each year, for each insurer that fails to file its renewal application and
continuation fee on or before June 30, the Commissioner may:
(i) order that the insurer cease and desist from engaging further
from the writing of insurance in this State in accordance with § 4-114 of this article;
or
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(ii) issue an order to require the insurer to show cause why it
should be allowed to continue to engage in the insurance business in the State.
- 2152 -
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