Issuance of license

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    (a)    The Commissioner shall issue a license to each applicant that:

        (1)    meets the requirements of this subtitle; and

        (2)    pays the applicable fee for a license for an insurance producer under § 2-112 of this article.

    (b)    (1)    In this subsection, “controlling person” means a person that directly or indirectly has the power to direct, or cause to be directed, the management, control, or activities of a reinsurance intermediary.

        (2)    The Commissioner may refuse to issue a license if the Commissioner finds that the applicant, an individual named on the application, a member, principal, officer, or director of the applicant, or a controlling person of the applicant:

            (i)    is not trustworthy to act as a reinsurance intermediary;

            (ii)    has given cause for revocation or suspension of a license; or

            (iii)    has failed to comply with a requirement for issuance of a license.

        (3)    On written request, the Commissioner shall provide a summary of the basis for the refusal to issue a license.

        (4)    The summary of the basis for refusal is privileged and is not a public document under Title 10, Subtitle 6 of the State Government Article.


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