Md. Code Regs. 31.04.22.07

Current through Register Vol. 51, No. 26, December 27, 2024

Section 31.04.22.07 - Required Notifications

A. Except as provided in §B of this regulation, if a title insurer has reason to believe that the principal agent has engaged in, or is engaging in, conduct that is prohibited by Insurance Article, § 10-126, Annotated Code of Maryland, the title insurer shall notify the Commissioner in writing, which may be through email, facsimile, or other electronic transmission, within 10 calendar days after obtaining such knowledge or belief, in addition to filing any required a report.

B. A title insurer shall notify the Commissioner in writing, which may be through email, facsimile, or other electronic transmission, within 2 calendar days if a title insurer has reason to believe that a principal agent has converted or misappropriated money received or held in trust in addition to filing any required report.

C. A title insurer's written notification to the Commissioner under §§A and B of this regulation shall include the following information:

(1) The name, physical address, telephone number, and email address of the principal agent or its designated insurance producer who satisfies the qualifications set forth in §10-121(c);

(2) The principal agent's producer license number;

(3) The date or dates on which the principal agent failed to cooperate, if applicable;

(4) A description of the facts and circumstances of the principal agent's conduct prohibited by Insurance Article, § 10-126, Annotated Code of Maryland, if applicable; and

(5) A description of the facts and circumstances giving rise to the title insurer's reason to believe that a principal agent has converted or misappropriated money received or held in trust.

Md. Code Regs. 31.04.22.07

Regulations .07 adopted effective 41:20 Md. R. 1114, eff.12/1/2014; amended effective 50:16 Md. R. 729, eff. 8/21/2023