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31.15.12.00.htm 31.15.12.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 15 UNFAIR TRADE PRACTICES Chapter 12 Valuation of Motor Vehicles Authority: Insurance Article, §27-304.1, Annotated Code of Maryland
31.15.12.01.htm 31.15.12.01. 01 Scope.. A. Except as provided in §B of this regulation, this chapter applies to each claim for property damage to a private passenger motor vehicle arising under a policy of insurance, including a claim arising under:1) Collision coverage;. 2) Liability property damage coverage;. 3) Comprehensive property damage coverage; or. 4) Uninsured motorist property damage coverage.. B. This chapter does not apply to a claim for property damage to a private passenger motor vehicle i
31.15.12.02.htm 31.15.12.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Business day" means a day other than Saturday, Sunday, a federal holiday, or a State holiday as designated by State Personnel and Pensions Article, §9-201, Annotated Code of Maryland.2) "Claim" means a demand for payment or reimbursement for a loss incurred under one or more coverages provided by an insurance policy.
31.15.12.03.htm 31.15.12.03. 03 Duties of Insurer Following Determination of Total Loss of Motor Vehicle.. A. Scope. The deadlines set by §B―D of this regulation do not apply to a claim for damage that results in the total loss of a motor vehicle if:1) There is a good faith dispute as to the obligation of the insurer under the contract; or. 2) There are factors beyond the control of the insurer that prevent the insurer from complying with the deadlines set by §B―D of this regulation, incl
31.15.12.04.htm 31.15.12.04. 04 Cash Settlement.. If an insurer elects to make a cash settlement for the total loss of a motor vehicle pursuant to Regulation .03 of this chapter, the insurer's minimum offer, subject to applicable deductions, shall be:A. The total of:. 1) The retail value for a substantially similar motor vehicle from a nationally recognized valuation manual or from a computerized data base that produces statistically valid fair market values for a substantially similar veh
31.15.12.05.htm 31.15.12.05. 05 Contents of Settlement Offer.. A. In General. A settlement offer made by an insurer pursuant to Regulation .04 of this chapter shall:1) State the amount being offered;. 2) Inform the claimant that, on request from the claimant, the insurer shall provide the claimant in writing:a) A copy of the settlement offer;. b) The method used to arrive at the value of the motor vehicle, including identification of any books, manuals, or databases used;c) A detailed explanation
31.15.12.06.htm 31.15.12.06. 06 Response by Claimant to Settlement Offer.. A. In General. After receipt of a settlement offer, a claimant may:. 1) Accept the offer; or. 2) In writing, reject the offer and make a counteroffer based on:. a) Dealer quotations for a substantially similar motor vehicle;. b) Advertisements for a substantially similar motor vehicle; or. c) Any other source of valuation for a substantially similar motor vehicle.. B. Duty of Insurer. If an insurer rejects a claima
31.15.12.07.htm 31.15.12.07. 07 Replacement of Motor Vehicle.. If an insurer elects to replace a motor vehicle pursuant to Regulation .03B(2) of this chapter and the insurance policy provides authority for the replacement as an acceptable method of settlement, the insurer shall provide the claimant with a motor vehicle that is:A. A substantially similar motor vehicle;. B. Immediately available; and. C. Subject to any deductible, paid for by the insurer..
31.15.12.9999.htm 31.15.12.9999. Administrative History Effective date: July 5, 2004 (31:13 Md. R. 996). Regulation .01 amended effective March 24, 2008 (35:6 Md. R. 702).
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