Section 8-507 - Issuance of license. - Maryland Statutes

§ 8-507. Issuance of license.
 

(a)  In general.- The Commissioner shall issue a license to each applicant that: 

(1) meets the requirements of this subtitle; and 

(2) pays the applicable fee for a license for an insurance producer under § 2-112 of this article. 

(b)  Refusal to issue.-  

(1) In this subsection, "controlling person" means a person that directly or indirectly has the power to direct, or cause to be directed, the management, control, or activities of a reinsurance intermediary. 

(2) The Commissioner may refuse to issue a license if the Commissioner finds that the applicant, an individual named on the application, a member, principal, officer, or director of the applicant, or a controlling person of the applicant: 

(i) is not trustworthy to act as a reinsurance intermediary; 

(ii) has given cause for revocation or suspension of a license; or 

(iii) has failed to comply with a requirement for issuance of a license. 

(3) On written request, the Commissioner shall provide a summary of the basis for the refusal to issue a license. 

(4) The summary of the basis for refusal is privileged and is not a public document under Title 10, Subtitle 6 of the State Government Article. 
 

[An. Code 1957, art. 48A, §§ 714, 719; 1995, ch. 36; 2001, ch. 731, § 1.]