Sec. 31.03.09.04. Proration of Fees

A. Renewal Fees. If the Administration is required to charge a prorated renewal fee for a license, the Administration shall calculate the amount of the prorated fee by:

(1) Dividing the appropriate renewal fee listed in Insurance Article, §2-112, Annotated Code of Maryland, by 24;

(2) Multiplying the quotient obtained under §A(1) of this regulation by the number of months for which the license is issued or renewed; and

(3) Rounding the product obtained under §A(2) of this regulation to the nearest dollar, with amounts ranging from 1 cent to 50 cents rounded down to the next lower dollar and amounts ranging from 51 cents to 99 cents rounded up to the next higher dollar.

B. Fraud Prevention Fee. If the Administration is required to charge a prorated fraud prevention fee, the Administration shall calculate the amount of the prorated fee by:

(1) Dividing the fraud prevention fee listed in Insurance Article, §6-203, Annotated Code of Maryland, by 24;

(2) Multiplying the quotient obtained under §B(1) of this regulation by the number of months for which the license is issued or renewed; and

(3) Rounding the product obtained under §B(2) of this regulation to the nearest dollar, with amounts ranging from 1 cent to 50 cents rounded down to the next lower dollar and amounts ranging from 51 cents to 99 cents rounded up to the next higher dollar.