TIPIC Maryland UPDATED Exam Questions and CORRECT Answers

*STANDARDS OF CONDUCT *Title 10 - Regulation of Insurance Professions§ 10-121. Title insurance producers - Title 10 - Regulation of Insurance Professions§ 10-121. Title insurance producersWith the exception of a law firm or a title insurer, only licensed producers may exercise control over trust money. Title insurers, while acting as insurance producers, or providing escrow, closing or settlement services, may not convert or misappropriate funds held in escrow or trust.When applying for licensure, partnerships, limited liability companies, and corporations much ensure that each partner, controlling owner, officer, manager and individual who has direct control over fiscal management is licensed to act as a title insurance producer and if applicable, has an appointment with a title insurer. The Commissioner will evaluate the character of each required individual affiliated with the applicant.Title insurers applying for licensure must also have on file with the Commissioner• A blanket surety bond or letter of credit in the amount of $150,000• A blanket fidelity bond, each in the amount of $150,000The bonds cover required employees, appointed title producers and independent contractors. The surety bonds and letter of credit shall remain in force until the surety insurer is released by the Commissioner or the bond or letter of credit is cancelled by the surety insurer.