# COMAR Title 31 — Maryland Insurance Administration

## Subtitle 05 — Assets, Liabilities, Reserves, and Investments of Insurers

### Chapter 09 — Mortgage Loans

**Authority:** Insurance Article, §§2-109 and 5-511(g), Annotated Code of Maryland

**Administrative History:** Effective date: February 11, 1941

**Administrative History:** Amended effective May 1, 1968

**Administrative History:** Regulation .01 amended effective November 6, 1995 (22:22 Md. R. 1657)

**Administrative History:** Regulation .02 adopted effective June 7, 1982 (9:11 Md. R. 1126)

**Administrative History:** Chapter recodified from COMAR 09.30.15 to COMAR 31.05.09 effective September 7, 1998 (25:18 Md. R. 1439)

#### Regulation .01 Information To Be Filed.

*COMAR 31.05.09.01*

All companies shall have the following information filed with each mortgage, and kept ready for convenient inspection by examiners from this Administration:

A. The mortgage note and deed, and all assignments of them, properly recorded;

B. A detailed appraisal of the property securing the mortgage, made by a disinterested, unaffiliated appraiser, with the appraiser's qualifications attached; an appraisal made by any competent licensed real estate operator with a short statement of the licensed real estate operator's experience is sufficient; and

C. One of the following:

  (1) A title insurance policy,

  (2) An abstract of title to the property made by a qualified attorney and certified by him,

  (3) A certificate of title from the attorney making the title examination;

D. Fire insurance policies upon all improvements, with standard mortgagee clause attached; and

E. A record of the amount at which the property is appraised for taxation at the date of the loan and the date to which all State, county, and municipal taxes on the property have been paid.

#### Regulation .02 Required Procedure.

*COMAR 31.05.09.02*

An insurance company that is a party to a mortgage loan participation agreement shall have the items listed in Regulation .01A and B of this chapter in its possession. The insurer may have the lending institution certify annually that the items listed in Regulation .01C, D, and E of this chapter are in force or have been paid.