Section 3-304 - Regulations. - Maryland Statutes

§ 3-304. Regulations.
 

The Commissioner may adopt reasonable regulations consistent with this subtitle to: 

(1) carry out this subtitle; 

(2) establish procedures for determining the eligibility of particular proposed coverages for placement with surplus lines insurers and maintain a list of the identified coverages; 

(3) permit a commercial insured, as defined by the Commissioner, to waive the diligent search requirement under § 3-306 of this subtitle for the procurement of a surplus lines insurance policy: 

(i) with an annual premium of not less than $5,000; and 

(ii) issued by an insurer with a financial rating of "A" or better by the A.M. Best Company or an equivalent rating from an independent rating organization approved by the Commissioner; 

(4) provide for the content and use of the written disclosure required under § 3-308 of this subtitle; and 

(5) provide for the periodic review, no less than annually, of information from surplus lines brokers, agents, and insurers and from other sources concerning the availability and affordability of insurance from authorized insurers in the State. 
 

[An. Code 1957, art. 48A, § 198; 1995, ch. 36; 1998, ch. 751.]