(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) “Insurance”;
(2) “Casualty”;
(3) “Surety”;
(4) “Mutual”; or
(5) Any other words that are:
(i) Descriptive of the insurance, casualty, or surety business; or
(ii) Deceptively similar to the name or description of an insurer, a surety corporation, or another warrantor.
(b) A warrantor may use the term “guaranty” or a similar word in the warrantor’s name.