§ 8–511
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 8-511 (2026)
Title 8. Entities That Act as Insurers
Subtitle 5. Reinsurance Intermediaries
§ 8–511LinkCopy Citation
(a)
Subject to the hearing provisions of §§ 2-210 through 2-214 of this article, the Commissioner may deny, refuse to renew, suspend, or revoke a reinsurance intermediary’s license, or a reinsurance intermediary’s insurance producer license, if the reinsurance intermediary has violated this subtitle or § 10-126 of this article.
(b)
Instead of or in addition to the penalties provided in subsection (a) of this section, the Commissioner:
(1)
may impose a penalty not exceeding $5,000 for each violation of this subtitle;
(2)
may bring a civil action for the benefit of an insurer or reinsurer and its policyholders and creditors to recover compensatory damages or may seek other appropriate relief; and
(3)
may impose any other penalty authorized by this article.
(c)
An order of the Commissioner issued under this section is subject to judicial review in accordance with § 2-215 of this article.
(d)
A receiver appointed under Title 9, Subtitle 2 of this article may bring a civil action to recover damages or for other appropriate sanctions for the benefit of an insurer if the receiver determines that:
(1)
a reinsurance intermediary or other person has failed to comply materially with this subtitle; and
(2)
the failure has caused an insurer under an order of rehabilitation or liquidation to suffer a loss or damage.
(e)
This section is not intended to limit the rights of policyholders or claimants of an insurer or reinsurer.