Licensing Requirements: Surplus lines brokers are required to be licensed—possess a certificate of qualification—under Maryland law. Md. Code Ann., Ins. §§ 3-310-314. To qualify for a certificate of qualification, an
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Every licensed producer must hold premium
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers may charge fees in addition to receiving
Licensed advisers may charge fees for insurance services, if they enter into a written contract specifying fees and services, in a form approved by the Commissioner. Md. Code Ann., Ins. §
What entities are covered? “[A] business that owns or licenses computerized data that includes personal information of an individual residing in the State . . . . .” § 14-3504(b)(1).
