§ 8–449
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 8-449 (2026)
Title 8. Entities That Act as Insurers
Subtitle 4. Fraternal Benefit Societies
§ 8–449LinkCopy Citation
(a)
Except as otherwise provided in this section, a person must obtain a license issued under Title 10, Subtitle 1 of this article before the person acts as an insurance producer for a fraternal benefit society.
(b)
Subsection (a) of this section does not apply to a regular salaried officer or employee of a licensed society who:
(1)
devotes substantially all of the officer’s or employee’s services to activities other than soliciting insurance contracts; and
(2)
does not receive, for soliciting insurance contracts, a commission or other compensation that is directly dependent on the amount of business obtained.
(c)
(1)
Subsection (a) of this section does not apply to a fraternal benefit insurance producer or representative of a society that devotes, or intends to devote, less than 50% of the person’s time to selling, soliciting and negotiating insurance contracts for the society.
(2)
For the purposes of paragraph (1) of this subsection, a person is presumed to be devoting, or intending to devote, 50% or more of the person’s time to selling, soliciting or negotiating insurance contracts for a society if, in the preceding calendar year, the person has sold, solicited and negotiated:
(i)
life insurance contracts that, in the aggregate, exceed $200,000 of coverage for all lives insured for the preceding calendar year;
(ii)
a permanent life insurance contract offering more than $10,000 of coverage on an individual life;
(iii)
a term life insurance contract offering more than $50,000 of coverage on an individual life;
(iv)
any insurance contracts other than life that the society may write that insure the lives of more than 25 individuals; or
(v)
any variable life insurance or variable annuity contract.