How To Register An Isurance Company In Maryland
Maryland Insurance License
Licensing requirements for Maryland insurance professionals and companies.
This page provides an overview of insurance licensing in Maryland for individuals and companies. Yous volition find state requirements, application fees, filing instructions, and more. For assistance with licensing, delight contact usa to learn almost our software and managed license services.
Companies that provide insurance producer services in Maryland must apply for a license prior to doing business. Depending on the lines of authority offered by the entity and the types of services offered, multiple firm licenses may be required.
Earlier applying, firms should ensure that the licensed individual to be appointed agent in accuse has the necessary licenses. Firms should as well gather proof of incorporation, or foreign qualification for out-of-state firms, in anticipation of application requirements.
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Visitor Licenses
Maryland Fiscal Services Company Licenses
Maryland Collection Agency Branch License
| Bureau: | Maryland Section of Labor, Licensing and Regulation - Office of the Commissioner of Financial Regulation |
| Bail Requirements: | $five,000 electronic surety bond for each co-operative location. |
Initial Registration
Registration Renewal
Amendment
| Filing Method: | Online through NMLS |
| Agency Fee: | $0 |
| Notes: | Changes to a co-operative office accost, co-operative manager, or trade proper name can be made online. |
Maryland Collection Agency License
| Agency: | Maryland Section of Labor, Licensing and Regulation - Office of the Commissioner of Financial Regulation |
| Foreign Qualification is Prerequisite: | Aye |
| Bond Requirements: | $5,000 electronic surety bond. |
| Registered Agent (Special Bureau) Required? | Yes |
Initial Registration
Registration Renewal
Subpoena
| Filing Method: | Online through NMLS |
| Agency Fee: | $0 |
| Notes: | Changes to the proper name, accost, or other entity information tin can be made online. |
Maryland Insurance Bureau License
| Agency: | Maryland Insurance Administration |
Initial Registration
This section applies to insurance firms that are applying for a license in Maryland for the first time.
Registration Renewal
This section applies to insurance firms that are already licensed in Maryland and need to renew their license.
Maryland Insurance Producer License - Non-Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Bureau Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $69 |
| Due: | Biennially by the date of issuance. |
Maryland Insurance Producer License - Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Bureau Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Bureau Fee: | $69 |
| Due: | Biennially by the date of issuance. |
Maryland Motor Vehicle Rental Corporation License - Not-Resident
| Bureau: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $69 |
| Due: | Biennially past the date of issuance. |
Maryland Motor Vehicle Rental Corporation License - Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $100 |
| Due: | Biennially by the appointment of issuance. |
Maryland Motor Vehicle Rental Franchise License - Non-Resident
| Agency: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Bureau Fee: | $69 |
| Due: | Biennially by the date of issuance. |
Maryland Motor Vehicle Rental Franchise License - Resident
| Bureau: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $69 |
| Due: | Biennially by the date of issuance. |
Maryland Portable Electronics License - Non-Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Bureau Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $169 |
| Due: | Biennially by the date of issuance. |
Maryland Portable Electronics License - Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $100 |
| Due: | Biennially by the date of issuance. |
Maryland Individual Review Arrangement Certification
| Blazon of Review: | Medical or Workers' Compensation Utilization Review |
| Agency: | Maryland Insurance Administration |
Initial Registration
Registration Renewal
| Agency Fee: | $one,500 |
| Due: | Biennially past the date of issuance. |
Maryland Public Adjuster License - Not-Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Bureau Fee: | $50 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $165 |
| Due: | Biennially by the date of issuance. |
Maryland Public Adjuster License - Resident
| Bureau: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $l |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $100 |
| Due: | Biennially by the date of issuance. |
Maryland Surplus Lines Broker License - Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $100 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $200 |
| Due: | Biennially by the date of issuance. |
Maryland 3rd Party Administrator License - Non-Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Bureau Fee: | $250 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $65 |
| Due: | Biennially by the engagement of issuance. |
Maryland Third Party Administrator License - Resident
| Bureau: | Maryland Insurance Administration |
| Bond Requirements: | The corporeality of the bond is determined at the time of awarding for registration or renewal, and is based on the average amount of money that the administrator or its predecessor handled in the prior year, and expects to handle in the current calendar yr. The corporeality of the bail must exist equal to at least 10% of the boilerplate amount of money that the administrator expects to handle at whatsoever one fourth dimension for all plans administered during the year. The minimum bond corporeality is $five,000 and the maximum amount is $500,000. The surety bond or continuation certificate must conspicuously state: Form ◘ Applicants for an initial TPA Registration or a renewal must submit a electric current, original surety bond unless: (1) the Commissioner has granted a waiver; (two) the applicant only administers plans under which benefits are paid only from the full general assets of an employee organization or of an employer; or (3) the bidder is a corporation organized and authorized nether the laws of the Usa or a land to practice business organisation as an insurer or to exercise trust powers, is bailiwick to supervision or exam by a federal or Country authorisation, and continuously maintains combined capital and surplus in excess of $1,000,000. |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $250 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $65 |
| Due: | Biennially by the date of issuance. |
Maryland Viatical Settlement Broker License - Non-Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $250 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $50 |
| Due: | Biennially by the date of issuance. |
Maryland Viatical Settlement Broker License - Resident
| Agency: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Bureau Fee: | $250 |
Registration Renewal
| Filing Method: | Online |
| Bureau Fee: | $50 |
| Due: | Biennially by the appointment of issuance. |
Maryland Viatical Settlement Provider License - Non-Resident
| Agency: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $1,000 |
Registration Renewal
| Filing Method: | Online |
| Bureau Fee: | $l |
| Due: | Biennially past the date of issuance. |
Maryland Viatical Settlement Provider License - Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Bureau Fee: | $i,000 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $50 |
| Due: | Biennially by the engagement of issuance. |
Private Licenses
Maryland Individual Financial Services Licenses
Maryland Adviser License - Resident
| Agency: | Maryland Insurance Administration |
| Exam Required? | No |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $200 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $100 |
| Due: | Biennially by the cease of the licensee's nascence month. |
Maryland Individual Insurance Producer License
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $69 |
| Due: | Biennially by the end of the licensee's nascence month. |
Maryland Insurance Amanuensis License
| Bureau: | Maryland Insurance Assistants |
Initial Registration
This department applies to insurance agents that are applying for a license in Maryland for the beginning time.
| Agency Fee: | From $5 to $250 depending on license type |
Maryland Insurance Producer License - Non-Resident
| Bureau: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Bureau Fee: | $69 |
| Due: | Biennially by the end of the licensee's nascency month. |
Maryland Insurance Producer License - Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $54 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $54 |
| Due: | Biennially by the end of the licensee's birth month. |
Maryland Motor Gild Representative License - Non-Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $3 |
Maryland Motor Club Representative License - Resident
| Bureau: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Bureau Fee: | $3 |
Maryland Public Adjuster License - Non-Resident
| Agency: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $fifty |
Maryland Public Adjuster License - Resident
| Agency: | Maryland Insurance Administration |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $50 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $100 |
| Due: | Biennially by the finish of the licensee'southward nascency month. |
Maryland Surplus Lines Broker License - Non-Resident
| Bureau: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $200 if date of application is more than than 1 year from insurance producer license expiration date and $100 if date of application is less than 1 twelvemonth from insurance producer license expiration date. |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $300 |
| Due: | Biennially by the stop of the licensee'south birth month. |
Maryland Surplus Lines Broker License - Resident
| Agency: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $100 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $200 |
| Due: | Biennially past the end of the licensee's nascency month. |
Maryland Viatical Settlement Broker License - Non-Resident
| Agency: | Maryland Insurance Assistants |
Initial Registration
| Filing Method: | Online |
| Agency Fee: | $250 |
Registration Renewal
| Filing Method: | Online |
| Agency Fee: | $50 |
| Due: | Biennially by the cease of the licensee'due south birth calendar month. |
Acquire about insurance licensing in other states:
Key Terms
Adjuster - A person or firm that is paid to adjust, investigate, and negotiate claim settlements. In that location are 3 categories of adjusters: company, contained, and public. Company adjusters work for insurance companies and investigate claims on behalf of the company. Independent adjusters investigate claims on a contractual basis for insurance companies. Public adjusters investigate claims on behalf of claimants, usually to determine the amount of money that can be claimed.
Agent in Charge - A licensed individual responsible for the supervision of all individuals within an insurance bureau. The agent in accuse must be licensed in the same lines every bit the agency.
Insurance Agent - Insurance agents human action equally intermediaries betwixt the insurance company and policyholders. Agents tin can be either convict or contained. Captive agents represent a single insurance company, while independent agents represent multiple insurers.
Insurance Broker - Individuals who sell insurance policies while representing the interests of the buyer. Brokers are typically independent intermediaries without an insurance company amalgamation.
Insurance Producer - May be used to refer to either private insurance agents and brokers or insurance agencies and brokerages.
Managing General Agent - An agent or broker that is involved in underwriting and has other areas of authority ordinarily handled by insurers. MGAs are typically involved in unusual lines of coverage or in geographically prohibitive areas.
Surplus Lines Insurer - An insurance carrier that takes on risks that a licensed carrier is unwilling to insure. Surplus lines insurers practice not have access to state guaranty funds and are less tightly regulated by state governing bodies.
Tertiary Party Ambassador - An organization that manages group insurance policies and works with the employer and insurance carrier to process claims, handle loss control, and provide risk management and consulting services.
Title Agent - Title agents sell insurance that protects real manor owners against loss of buying of a property due to a legal claim.
Viatical Settlement Provider - A company that purchases life insurance policies at a discount from individuals seeking immediately available funds.
Industry Resources
Independent Insurance Agents and Brokers of America (Large "I")
Advancement group of independent insurance brokers and agents.
National Association of Insurance and Financial Advisors (NAIFA)
Professional clan that advocates for favorable regulatory conditions for insurance agents and financial advisors.
National Clan of Insurance Companies (NAIC)
A standard setting and regulatory support organisation that is governed by state insurance regulators.
National Association of Professional person Insurance Agents (PIA)
Professional clan that provides education and advocacy for insurance agents throughout the United States.
National Insurance Producer Registry (NIPR)
An affiliate of the NAIC that provides streamlined and compatible producer licensing processes.
How To Register An Isurance Company In Maryland,
Source: https://www.harborcompliance.com/information/maryland-insurance-license
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