§ 8-503
251 words·~1 min read·
/md/insurance/8-503A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§8–503.
(a)This section does not apply to a lawyer admitted to the bar of the State while acting within the scope of the profession of the lawyer.
(1)Except as otherwise provided in paragraph
(2)of this subsection, before a person acts as a reinsurance manager or reinsurance broker in the State, the person:
(i)in the case of a person that maintains an office in the State:
1. must obtain a license under this subtitle; or
2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article; or
(ii)in the case of a person that maintains an office in another state:
1. must obtain a license under this subtitle or under a law of another state that is substantially similar to this subtitle; or
2. must qualify as an insurance producer under Title 10, Subtitle 1 of this article or under a law of another state that is substantially similar to Title 10, Subtitle 1 of this article.
(2)Before a person acts as a reinsurance manager for a reinsurer domiciled in the State, the person must:
(i)obtain a license under this subtitle; or
(ii)qualify as an insurance producer under Title 10, Subtitle 1 of this article.
(3)This subsection applies to a person that maintains an office in the State either directly or as a member or employee of a firm or association or as an officer, director, or employee of a corporation that maintains an office in the State.