1. (a) Unless authorized by the Maryland Insurance Commissioner to engage in the insurance business in the State, a warrantor may not use the following words in its name, contracts, or literature:

   1. (1) “Insurance”;
   2. (2) “Casualty”;
   3. (3) “Surety”;
   4. (4) “Mutual”; or

   5. (5) Any other words that are:

      1. (i) Descriptive of the insurance, casualty, or surety business; or
      2. (ii) Deceptively similar to the name or description of an insurer, a surety corporation, or another warrantor.
2. (b) A warrantor may use the term “guaranty” or a similar word in the warrantor's name.

Added by Acts 2007, c. 407, § 1, eff. Jan. 1, 2008.