Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS
Chapter 31.03.06 - Surplus Lines
Section 31.03.06.07 - Books and Records
Current through Register Vol. 51, No. 6, March 22, 2024
A. Every surplus lines broker shall keep a separate record and account of all business transacted under the surplus lines broker's license, including a copy of each daily report, if any, and of each binder or cover note delivered by the surplus lines broker. The records shall be available for examination by the Commissioner at any reasonable time within 3 years after the issuance of the coverage to which the records relate.
B. Every surplus lines broker shall maintain an adequate record of all return or additional premiums resulting from cancellations, adjustments made on deposit or minimum premiums, audit premiums, additional or return premiums as a result of endorsement to existing policies, additional or return premiums resulting from changes in the amount or type of coverage, and other changes resulting from any other cause.
