Each insurance contract or confirmation procured and delivered under this subtitle shall be:
(1) endorsed or stamped conspicuously in boldface type on the first page of the insurance contract or confirmation as follows: “This insurance is issued by a nonadmitted insurer not under the jurisdiction of the Maryland Insurance Commissioner”; and
(2) accompanied by a written disclosure, as prescribed by the Commissioner, that:
(i) is written in clear, plain English;
(ii) explains that the insurer does not possess a certificate of authority from the Commissioner to engage in the insurance business in the State; and
(iii) includes any other information that the Commissioner requires.