Certificate of Authority Questions and answers latest update
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Course
SEC-250
Institution
SEC-250
Certificate of Authority Questions and answers latest update
An insurer may not engage in the insurance business in Maryland without first obtaining a
certificate of
authority from the Commissioner
A person may not act as an insurer or engage in the insurance business in this state unless t...
certificate of authority questions and answers lat
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Certificate of Authority Questions and
answers latest update
An insurer may not engage in the insurance business in Maryland without first obtaining a
certificate of
authority from the Commissioner
A person may not act as an insurer or engage in the insurance business in this state unless they have
received a
certificate of authority from the Commissioner in the type of insurance they plan to transact
A certificate of authority expires annually on
June 30 after its effective date unless it is renewed by the insurer
At least 2 months before the expiration date, the Commissioner will provide a
a renewal notice to each insurer
The insurer must file a renewal application and pay the
appropriate renewal fee
Failure to renew on or before June 30 may incur a monetary penalty, and the Commissioner may issue
a
cease and desist order directing the company to stop writing insurance
A certificate of authority is not required for an insurer to engage in:
Transactions that relate to policies that were lawfully written or the liquidation of assets and
liabilities of the insurer
Transactions that occur after issuance of a policy that covers only subjects of insurance not
resident, located, or to be performed in Maryland at the time of issuance, or that covers property
in the course of transportation to, from, or through the state
Transactions relating to surplus lines coverage
Reinsurance transactions, except to domestic reinsurers
A certificate of authority is not required for an insurer to engage in: Transactions that relate to
policies that were lawfully written or
the liquidation of assets and
liabilities of the insurer
A certificate of authority is not required for an insurer to engage in: Transactions that occur after
issuance of a policy that covers only subjects of insurance not
resident, located, or to be performed in
Maryland at the time of issuance, or that covers property
in the course of transportation to, from, or through the state
A certificate of authority is not required for an insurer to engage in: Transactions relating to
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