Md. Code Regs. 31.03.01.01

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.03.01.01 - Individual Business Continuation Cases

A. If a qualified and licensed resident insurance producer should die, become mentally or physically disabled, or enter upon active service in the armed forces of the United States of America, the Insurance Commissioner will give consideration to the issuance of temporary licenses to an individual who comes under one of the categories listed in Insurance Article, § 10-120(a), Annotated Code of Maryland. Except in unusual circumstances, consideration will not be given to any nonresident applicant.

B. The grant of authority given to an approved applicant will be restricted to the same kinds of insurance only for which the insurance producer whom the applicant is replacing was qualified and licensed.

C. Any renewal application for a temporary license shall be stamped received in the Insurance Administration in advance of the expiration of the existing temporary license.

D. If the insurance business of the original insurance producer is sold, transferred, or otherwise disposed of, any temporary license to continue that business shall be terminated and the licensee shall return the license or licenses to the Insurance Administration for cancellation. Further licenses will not be issued in that case.

Md. Code Regs. 31.03.01.01

Regulation .01 amended effective April 10, 2006 (33:7 Md. R. 675)