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S.B. 366
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VETOES
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Board of Public Works shall determine the matter and the Board's decision is final.
The grantee has until June 1, [2002] 2004, to present evidence satisfactory to the
Board of Public Works that a matching fund will be provided. If satisfactory evidence
is presented, the Board shall certify this fact and the amount of the matching fund to
the State Treasurer, and the proceeds of the loan equal to the amount of the matching
fund shall be extended for the purposes provided in this Act. Any amount of the loan
in excess of the amount of the matching fund certified by the Board of Public Works
shall be canceled and be of no further effect.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2002.
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May 16, 2002
The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed Senate Bill 366 - Insurance - Surplus Lines Brokers - Disclosure and
Notification Requirements.
This bill repeals the requirement that a surplus lines broker, as a condition to recoup
the cost of an inspection required for the placement of surplus lines insurance from
the prospective insured, not have a financial interest in or receive compensation from
the person who performs the inspection.
House Bill 726, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 366.
Sincerely,
Parris N. Glendening
Governor
Senate Bill No. 366
AN ACT concerning
Insurance - Surplus Lines Brokers - Disclosure and Notification
Requirements
FOR the purpose of repealing a provision that allows surplus lines brokers to recover
the cost of certain inspections under certain circumstances; requiring surplus
lines brokers to make certain written disclosures of certain compensation and
any financial interest in certain persons performing certain inspections;
requiring surplus lines brokers to notify prospective insureds of the option to
obtain certain inspections from certain persons who meet certain requirements;
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- 4544 -
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