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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) Except as provided in subsection (b) of this section, the Fund shall pay to a fund producer of a policyholder to whom a policy is issued a commission:
(1) for private passenger auto insurance issued by the Fund, at a rate determined by the Fund but not less than 10% and not to exceed 15% of the total premium; and
(2) for any other insurance issued by the Fund, at a rate determined by the Fund but not to exceed 10% of the total premium.
(b) The Fund may not pay a commission:
(1) on a fully earned basis;
(2) if a prospective insured fails to qualify under § 20-502 of this subtitle; or
(3) if a prospective insured's initial payment to the Fund, a fund producer, or premium finance company is not honored.
(c) If a policy issued by the Fund is canceled, the Fund shall refund any unearned commissions.
Cite this article: FindLaw.com - Maryland Code, Insurance § 20-512 - last updated January 01, 2025 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-20-512/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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