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§ 10-414. Standards of conduct and other obligations of public adjusters

West's Annotated Code of MarylandInsuranceEffective: October 1, 2020

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 10. Regulation of Insurance Professions
Subtitle 4. Public Adjusters (Refs & Annos)
Effective: October 1, 2020
MD Code, Insurance, § 10-414
§ 10-414. Standards of conduct and other obligations of public adjusters
Currentness
Standard of conduct
(a) A public adjuster is obligated to:
(1) serve with objectivity and complete loyalty the interest of the client alone;
(2) render to the insured the information, counsel, and service that will best serve the insured's insurance claim needs and interests, within the knowledge, understanding, and opinion in good faith of the public adjuster; and
(3) disburse insurance settlement payments received on behalf of the insured within 15 business days after the date of the payment from an insurer.
Employees or representatives of public adjuster
(b) A public adjuster may not allow an unlicensed employee or representative of the public adjuster to conduct business for which a license is required under this subtitle.
Financial interest in claim
(c) Unless full written disclosure has been made to the insured in accordance with § 10-411 of this subtitle, a public adjuster may not have a direct or indirect financial interest in any aspect of a claim, other than the salary, fee, commission, or other consideration established in the written contract with the insured.
Interest in salvage of property subject to public adjuster contract
(d) A public adjuster may not acquire any interest in salvage of property subject to a public adjuster contract with the insured unless the public adjuster obtains written permission from the insured.

Credits

Added by Acts 2017, c. 106, § 1, eff. Jan. 1, 2018. Amended by Acts 2020, c. 521, § 1, eff. Oct. 1, 2020.
MD Code, Insurance, § 10-414, MD INSURANCE § 10-414
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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