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§ 10-413. Record of transactions

West's Annotated Code of MarylandInsuranceEffective: January 1, 2018

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 10. Regulation of Insurance Professions
Subtitle 4. Public Adjusters (Refs & Annos)
Effective: January 1, 2018
MD Code, Insurance, § 10-413
§ 10-413. Record of transactions
Currentness
Content of records
(a)(1) A public adjuster shall maintain a complete record of each transaction entered into as a public adjuster.
(2) The records required by this section shall include:
(i) the name of the insured;
(ii) the date, location, and amount of the loss;
(iii) a copy of the contract between the public adjuster and the insured;
(iv) the name of the insurer and the amount, expiration date, and number of each policy carried with respect to the loss;
(v) an itemized statement of the insured's recoveries;
(vi) an itemized statement of all compensation received by the public adjuster, from any source, in connection with the loss;
(vii) a register of all money received, deposited, disbursed, or withdrawn in connection with a transaction with an insured, including:
1. fees, transfers, and disbursements from a trust account; and
2. all transactions concerning all interest-bearing accounts;
(viii) the name of the public adjuster who executed the public adjuster contract;
(ix) the name of the attorney representing the insured, if applicable; and
(x) the name of the claims representative of the insurance company.
Period and manner of maintenance of records
(b)(1) The records shall be:
(i) maintained for at least 5 years after the termination of the transaction with an insured; and
(ii) open to examination by the Commissioner at all times.
(2) Any records required to be maintained under this section may be stored in an electronic format.
Proprietary information
(c) Records submitted to the Commissioner in accordance with this section that contain information that the public adjuster identifies in writing as proprietary:
(1) shall be treated as confidential by the Commissioner; and
(2) may not be subject to Title 4, Subtitle 2 of the General Provisions Article.

Credits

Added by Acts 2017, c. 106, § 1, eff. Jan. 1, 2018.
MD Code, Insurance, § 10-413, MD INSURANCE § 10-413
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.
End of Document