# COMAR Title 31 — Maryland Insurance Administration

## Subtitle 16 — Miscellaneous

### Chapter 04 — Provision of Completed Premium Finance Agreement to Insured

**Authority:** Insurance Article, §§2-109, 23-103, 23-207, and 23-302(c), Annotated Code of Maryland

**Administrative History:** Effective date: March 15, 1993 (20:5 Md. R. 513)

**Administrative History:** Chapter recodified from COMAR 09.30.79 to COMAR 31.16.04 effective September 7, 1998 (25:18 Md. R. 1439)

#### Regulation .01 When Insured Is Present at Time of Signing.

*COMAR 31.16.04.01*

If the insured is present at the time a premium finance agreement is signed by or on behalf of the insured, the premium finance company, or an agent or producer, if applicable, shall provide the insured with, or cause the insured to be provided with, a legible copy of the fully completed and executed premium finance agreement at the time the agreement is signed.

#### Regulation .02 When Insured Is Not Present at Time of Signing.

*COMAR 31.16.04.02*

If the insured is not present at the time a premium finance agreement is executed on behalf of the insured, the premium finance company, or an agent or producer, if applicable, within 72 hours after the agreement is executed, shall mail or otherwise cause to be provided to the insured a legible copy of the fully completed and executed premium finance agreement.

#### Regulation .03 Records.

*COMAR 31.16.04.03*

A premium finance company shall maintain a record of all premium finance agreements provided to insureds in accordance with Regulation .02 of this chapter, and these records shall be open to examination by the Commissioner.