Chapter 03 Fiduciary Responsibility of Insurance Producers: Premium Accounts - Commingling of Funds

What this document is

Code of Maryland Regulations (COMAR) 31.03.03 - Chapter 03 Fiduciary Responsibility of Insurance Producers: Premium Accounts - Commingling of Funds is a regulation published by Maryland Division of State Documents (dsd.maryland.gov), Code of Maryland Regulations. It is one of the Maryland documents that insurance license exam questions are written from, including maryland property & casualty, maryland personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• COMAR 31.03.03.02C(1) (Premium Account Withdrawals)

  “Withdrawals from a premium account may not be made other than for the following purposes: (a) Payment of premiums to carriers. (b) Transfer to an operating account of bank interest, if the carrier has consented to it in writing. (c) Transfer to an operating account of commissions either actual or...”

• COMAR 31.03.03.02B(1) (Commingling of premium)

  “(1) An insurance producer acting as such in this State may not commingle any premium account with any operating account or personal account.”

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Questions about this source

More Maryland sources

• Md. Code, Insurance s. 10-104 - License required; insurance producerState statute
• Md. Code, Insurance s. 10-126 - Grounds for denial, suspension, or revocation of licenseState statute
• Md. Code, Insurance s. 27-208 - Unfair discrimination between individuals of the same class in life rates, dividends and benefitsState statute
• Md. Code, Insurance s. 27-209 - Prohibited inducements and rebates not specified in the contractState statute
• Md. Code, Insurance s. 27-216 - Rebating and inducements; willful collection of excess premiumState statute
• Md. Code, Insurance s. 27-405 - Fraudulent insurance act: acting without a licence or certificationState statute
• Maryland Insurance Article Title 10 - Insurance Producers and Other Insurance Professionals (103 sections)State statute
• Maryland Insurance Article Title 15 - Health Insurance, first half (Secs. 15-101 through 15-815)State statute