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 claimant's counteroffer made pursuant to §A(2) of this regulation, the insurer shall, within 5 business days, send to the claimant a written explanation in clear and understandable language of why the information relied on by the claimant in the counteroffer does not provide a more accurate valuation than the information relied on by the insurer in its offer.