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Maryland Code, Insurance § 10-413

Current as of January 01, 2025 | Updated by Findlaw Staff

(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(vii) a register of all money received, deposited, disbursed, or withdrawn in connection with a transaction with an insured, including: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.

(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.

(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.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 10-413 - last updated January 01, 2025 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-10-413/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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