§ 10-206
93 words·~1 min read·
/md/insurance/10-206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–206.
An applicant for a license shall file with the Commissioner a bond that:
(1)is approved by the Commissioner as to form and sufficiency of security;
(2)is executed by the applicant and an authorized surety insurer;
(3)is in the penal sum of $1,000;
(4)is conditioned on the applicant faithfully performing the duties of an adviser;
(5)runs to the State; and
(6)specifically authorizes the State to recover the penal sum of the bond if the applicant is guilty of fraudulent or dishonest practices while acting as an adviser.