Code of Maryland Regulations (Last Updated: April 6, 2021) |
Title 31. Maryland Insurance Administration |
Subtitle 04. INSURERS |
Chapter 31.04.02. Examination of Principal Management or Controllers of Insurers |
Sec. 31.04.02.05. Considerations Regarding Independent Third Parties
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A. The applicant is responsible for selecting an independent third party to perform the verification of the information contained in all submitted biographical affidavits.
B. When selecting the independent third party, the applicant:
(1) Must select an approved independent third party; and
(2) Is responsible for ensuring that the independent third party it selects is able to perform a complete investigation in the applicable jurisdictions.
C. The applicant is responsible for the payment of the services provided by the approved independent third party for the preparation and submission of the background report to the Commissioner.