§ 8–507
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 8-507 (2026)
Title 8. Entities That Act as Insurers
Subtitle 5. Reinsurance Intermediaries
§ 8–507LinkCopy Citation
(a)
The Commissioner shall issue a license to each applicant that:
(1)
meets the requirements of this subtitle; and
(2)
pays the applicable fee for a license for an insurance producer under § 2-112 of this article.
(b)
(1)
In this subsection, “controlling person” means a person that directly or indirectly has the power to direct, or cause to be directed, the management, control, or activities of a reinsurance intermediary.
(2)
The Commissioner may refuse to issue a license if the Commissioner finds that the applicant, an individual named on the application, a member, principal, officer, or director of the applicant, or a controlling person of the applicant:
(i)
is not trustworthy to act as a reinsurance intermediary;
(ii)
has given cause for revocation or suspension of a license; or
(iii)
has failed to comply with a requirement for issuance of a license.
(3)
On written request, the Commissioner shall provide a summary of the basis for the refusal to issue a license.
(4)
The summary of the basis for refusal is privileged and is not a public document under Title 10, Subtitle 6 of the State Government Article.