THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: MD2020005
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Bulletin: MD2020005
Dear Associates:
Effective October 1, 2020, All Maryland Non-Resident Title Insurance Producers must be currently licensed in their home state or their Maryland License may be cancelled.
The Maryland Insurance Administration has issued a Bulletin effective October 1, 2020, regarding Non-Resident Title Insurance Producer License which states:
The purpose of this bulletin is to notify all non-resident insurance producers of changes to the law pertaining to the Administration’s authority to cancel a non-resident producer license for failure to maintain a home state license.
Pursuant to § 10-119, of the Insurance Article, Annotated Code of Maryland, in order to maintain a non-resident license in Maryland, a person must be currently licensed as a resident insurance producer in the person’s home state and in good standing in the home state.
Please note that § 10-101(d), of the Insurance Article, Annotated Code of Maryland, defines home state as any state in which an insurance producer maintains their principal place of residence or principal place of business, and is licensed to act as a resident insurance producer. Effective October 1, 2020, Senate Bill 93 (chap 520, Acts 2020) provides that the Commissioner may cancel the license of a non-resident insurance producer after receiving notice that the person is no longer licensed in the person’s home state.
MIA Bulletin can be found here.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None