Md. Code Regs. 31.04.22.03

Current through Register Vol. 51, No. 22, November 1, 2024

Section 31.04.22.03 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Accounts" means any and all accounts associated with the principal agent's title insurance business.

(2) "Appointment" has the meaning set forth in Insurance Article, § 1-101, Annotated Code of Maryland.

(3) "Certification" means a written statement signed by the principal agent that the information provided to the title insurer during the review is, to the best of the principal agent's knowledge, information, and belief, full, complete, and truthful and that the principal agent has undertaken an adequate inquiry to make the required certification.

(4) "Claim" has the meaning set forth in COMAR 31.15.07.02B(2).

(5) "Commissioner" means the Maryland Insurance Commissioner or the Commissioner's designee.

(6) "Designated responsible licensed producer" means a licensed insurance producer who is:

(a) Responsible for the principal agent's compliance with insurance laws, rules, and regulations; and

(b) Listed as a designated or responsible licensed producer on:

(i) The principal agent's uniform business entity application; or

(ii) The Association/Responsible Individual Designation form filed with the Commissioner.

(7) "Escrow" means the act or process of providing closing services or services pursuant to an escrow agreement by a title insurer or a principal agent.

(8) "Escrow account" means an account that contains or has contained trust money deposits or other money that a person entrusts to a title insurer or a principal agent to hold for the benefit of a buyer or borrower in a real estate transaction or for a beneficial owner, in connection with an escrow, settlement, closing, or title indemnification.

(9) "Insurance" has the meaning set forth in Insurance Article, § 1-101, Annotated Code of Maryland.

(10) "Insurance business" has the meaning set forth in Insurance Article, § 1-101, Annotated Code of Maryland.

(11) "Insurance producer" has the meaning set forth in Insurance Article, § 1-101, Annotated Code of Maryland.

(12) "Insurer" has the meaning set forth in Insurance Article, § 1-101, Annotated Code of Maryland.

(13) "Licensed insurance producer" has the meaning set forth in Insurance Article, § 1-101, Annotated Code of Maryland.

(14) "Licensee" means a title insurer, title insurance producer, or title insurance agency.

(15) "MAHT" means the Maryland Affordable Housing Trust established under the Housing and Community Development Article, § 10-102, Annotated Code of Maryland.

(16) "Principal agent" means a title insurance producer appointed by the title insurer to act on behalf of the title insurer.

(17) "Report" means the written report required under Insurance Article, § 10-121(k), Annotated Code of Maryland, and containing the elements specified by the Commissioner.

(18) "Review" means a review of the underwriting, claims, and escrow practices of each principal agent conducted by a title insurer or its designee.

(19) "Title agency" has the meaning set forth in Insurance Article, § 10-125, Annotated Code of Maryland.

(20) "Title insurance" has the meaning set forth in Insurance Article, § 1-101, Annotated Code of Maryland.

(21) "Title insurance producer" has the meaning set forth in Insurance Article, § 10-101, Annotated Code of Maryland.

(22) "Title insurer" means an insurer authorized by the Commissioner to conduct title insurance business in the State.

(23) "Trust money" has the meaning set forth in Insurance Article, § 10-121, Annotated Code of Maryland.

(24) "Underwriting standards" has the meaning set forth in COMAR 31.04.16.02.

Md. Code Regs. 31.04.22.03

Regulations .03 adopted effective 41:20 Md. R. 1114, eff.12/1/2014; amended effective 47:2 Md. R. 62, eff. 4/20/2020; amended effective 50:16 Md. R. 729, eff. 8/21/2023