§ 20-512
153 words·~1 min read·
/md/insurance/20-512A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§20–512.
(a)Except as provided in subsection
(b)of this section, the Fund shall pay to a fund producer of a policyholder to whom a policy is issued a commission:
(1)for private passenger auto insurance issued by the Fund, at a rate determined by the Fund but not less than 10% and not to exceed 15% of the total premium; and
(2)for any other insurance issued by the Fund, at a rate determined by the Fund but not to exceed 10% of the total premium.
(b)The Fund may not pay a commission:
(1)on a fully earned basis;
(2)if a prospective insured fails to qualify under § 20–502 of this subtitle; or
(3)if a prospective insured’s initial payment to the Fund, a fund producer, or premium finance company is not honored.
(c)If a policy issued by the Fund is canceled, the Fund shall refund any unearned commissions.