Maryland Statutes
Subtitle 5 - Reinsurance Intermediaries
Section 8-507 - Issuance of License

(a)    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)    (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.

Structure Maryland Statutes