MARYLAND INSURANCE ADMINISTRATION
JUNE 24, 2004
III. LICENSING OF AGENTS AND AGENT FILES
Section 10-118 of the Maryland Insurance Article requires that the Company file with the Commissioner immediate written notice of each producer appointment and
The examiners were provided a listing of the 50 producers active in the agency
during the survey period.
The examiners verified that each producer was licensed and had an
appointment with the Company
The examiners randomly selected and reviewed 10 of the 50 producer files. examiners verified that each file contained:
A copy of the Agent’s certificate of qualification.
Evidence that the Agent met the continuing education requirements.
Agent was NASD qualified and licensed.
Many of the agents had licenses in Virginia and in the District of Columbia. All licenses appeared to be current. No disciplinary actions were documented in the files.
The examiners reviewed the Agency’s “Corrective Actions Log” for the survey period January 1, 1998 through October 31, 2000. This log is maintained quarterly, and contains the name of agents subject to an agency corrective action for violation of Company or Agency procedures.
During this period 15 agents of the 50 were cited in the log for violations concerning:
Replacement activities. Business conduct. Highlighting information in an illustration. Failure to deliver policies .
MET LIFE REPORT NO. 786-01