HARRY HUGHES, Governor

3671

Any person who is qualified to be a broker as to property,

casualty and surety insurances, and who is deemed by the

Commissioner to be competent and trustworthy, may be [licensed]

QUALIFIED as a surplus line broker as follows:

(1)  Application to the Commissioner for the [license]
CERTIFICATE OF QUALIFICATION shall be on forms furnished by the
Commissioner.

(2)  The [license] fee shall be as prescribed by § 41
OF THIS ARTICLE.

(3)  Each [license] CERTIFICATE   OF QUALIFICATION shall
be issued for a term expiring on [November   1st] JUNE 30 OF THE
next ODD-NUMBERED YEAR following the date   of issuance and may be
renewed [annually) BIENNIALLY thereafter.

(4)   [Prior to] BEFORE the issuance of the [license]
CERTIFICATE OF QUALIFICATION or any renewal thereof, the
applicant shall file with the Commissioner, a bond, to be
approved by the Commissioner and made payable to the State of
Maryland, executed by such applicant as principal and by a
corporate surety authorized to do business in this State, in the
penal sum of [five thousand ($5,000) dollars,] $10,000,
conditioned that the broker will conduct the business in
accordance with the provisions of this article and that he will
remit promptly the taxes provided for in § 194. The aggregate
liability of the surety for any and all claims on any such bond
shall in no event exceed the penal sum thereof. No such bond
shall be terminated unless prior to such termination [thirty
(30)] 30 days' written notice is filed with the Commissioner.

189.

A [licensed] surplus line broker POSSESSING A CERTIFICATE OF
QUALIFICATION may accept and place surplus line business from any
insurance agent or broker [licensed] POSSESSING A CERTIFICATE OF
QUALIFICATION in this State for the kind of insurance involved,
and may compensate an agent or broker therefor.

196.

(a) The Commissioner may revoke or suspend any surplus line
broker's [license] CERTIFICATE:

(1)   If the broker fails to file his semiannual
statement or to remit the tax as required by law; or

(2)   If the broker fails to keep the records, or to
allow the Commissioner to examine his records, as required by
law; or

(3) If the broker fails to file or falsifies the
affidavit required by § 185; or