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31.03.14.00.htm 31.03.134.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 03 INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS Chapter 14 Notice of Payment Options When Premium Financing is Offered Authority: Insurance Article, §2-109(a)1) 10-104(c) and 10-126(a)5) and (6) Annotated Code of Maryland
31.03.14.01.htm 31.03.14.01. 01 Purpose.. A. The purpose of this chapter is to assure fair disclosure of availability of alternative payment plans and financing options when consumers purchase property and casualty insurance.B. This chapter is also designed to aid consumers by creating an industry standard with regard to required disclosure of insurers' alternative payment plans and premium financing agreements.
31.03.14.02.htm 31.03.14.02. 02 Scope.. This chapter does not apply to life insurance, health insurance, or annuities..
31.03.14.03.htm 31.03.14.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Casualty insurance" has the meaning stated in Insurance Article, §1-101, Annotated Code of Maryland.2) "Insurance producer" has the meaning stated in Insurance Article, §1-101, Annotated Code of Maryland.3) "Policy" means an individual or group policy, contract, or certificate issued by an insurer.. 4) "Premium finance agreement" has the meaning stated in Insurance Article,
31.03.14.04.htm 31.03.14.04. 04 Notice of Payment Options.. A. With respect to property and casualty insurance policies, an insurance producer may not finance an insurance premium unless the insurance producer first makes a disclosure to the applicant or insured that:1) Provides the applicant or insured with a comparison of the costs and terms of the premium finance agreement with the insurer's alternative payment plan or plans, if the insurer offers an alternativ2) Is signed by the applicant or insured..
31.03.14.05.htm 31.03.14.05. 05 Retention of Signed Disclosure Forms.. A. An insurance producer that has provided an insured or applicant for property and casualty insurance with the various payment options available shall maintain the signed disclosure form required under Regulation .04 of this chapter, for a period of at least 5 years after the date the disclosure form is signed.B. If an insurance producer maintains the signed disclosure form required to be maintained under §A of this regulation electr
31.03.14.9999.htm 31.03.14.9999. Administrative History Effective date: July 16, 2009 (36:14 Md. R. 985).
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