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Martin O'Malley, Governor
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Ch. 338
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[(c)] (d) An insurer may cancel a binder or policy during the underwriting
period if the risk does not meet the underwriting standards of the insurer.
[(d)] (e) If applicable, at the time of application or when a binder or policy
is issued, an insurer shall provide written notice of its ability to cancel a binder or
policy during the underwriting period.
[(e)] (F) (1) A EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, A notice of cancellation under this section shall:
(1) (I) be in writing;
(2) (II) have an effective date not less than 15 days after mailing;
and
(3) (III) state clearly and specifically the insurer's actual reason for
the cancellation.
(2) A NOTICE OF CANCELLATION UNDER THIS SECTION FOR
NONPAYMENT OF PREMIUM SHALL:
(I) BE IN WRITING;
(II) HAVE AN EFFECTIVE DATE OF NOT LESS THAN 10 DAYS
AFTER MAILING;
(III) STATE THE INSURER'S INTENT TO CANCEL FOR
NONPAYMENT OF PREMIUM; AND
(IV) BE SENT BY CERTIFICATE OF MAIL.
[(f)] (G) A binder or other contract for temporary insurance:
(1) may be made orally or in writing; and
(2) except as superseded by the clear and express terms of the binder,
is considered to include:
(i) all the usual terms of the policy as to which the binder was
given; and
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(ii) the applicable endorsements designated in the binder.
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- 2139 -
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