Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS
Chapter 31.03.03 - Fiduciary Responsibility of Insurance Producers: Premium Accounts Commingling of Funds
Section 31.03.03.04 - Substantial Interest
Universal Citation: MD Code Reg 31.03.03.04
Current through Register Vol. 51, No. 19, September 20, 2024
In those instances when the officers, directors, or principal management of a carrier have a substantial interest in either the conduct or operation of the agency or brokerage business, or when the officers, directors, or principal management of an agency or brokerage business have a substantial interest in the conduct or operation of the carrier, the agency or brokerage business shall maintain one or more premium accounts to be used exclusively for any premium collected from the carrier, which shall be separate from premium accounts for other carriers.
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