Certificate of Authority Questions and answers latest update

Certificate of Authority Questions and answers latest update An insurer may not engage in the insurance business in Maryland without first obtaining a certificate of authority from the Commissioner A person may not act as an insurer or engage in the insurance business in this state unless they have received a certificate of authority from the Commissioner in the type of insurance they plan to transact A certificate of authority expires annually on June 30 after its effective date unless it is renewed by the insurer At least 2 months before the expiration date, the Commissioner will provide a a renewal notice to each insurer The insurer must file a renewal application and pay the appropriate renewal fee Failure to renew on or before June 30 may incur a monetary penalty, and the Commissioner may issue a cease and desist order directing the company to stop writing insurance A certificate of authority is not required for an insurer to engage in: Transactions that relate to policies that were lawfully written or the liquidation of assets and liabilities of the insurer Transactions that occur after issuance of a policy that covers only subjects of insurance not resident, located, or to be performed in Maryland at the time of issuance, or that covers property in the course of transportation to, from, or through the state Transactions relating to surplus lines coverage Reinsurance transactions, except to domestic reinsurers A certificate of authority is not required for an insurer to engage in: Transactions that relate to policies that were lawfully written or the liquidation of assets and liabilities of the insurer A certificate of authority is not required for an insurer to engage in: Transactions that occur after issuance of a policy that covers only subjects of insurance not resident, located, or to be performed in Maryland at the time of issuance, or that covers property in the course of transportation to, from, or through the state A certificate of authority is not required for an insurer to engage in: Transactions relating to