Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS
Chapter 31.03.10 - Advisors
Section 31.03.10.02 - Representation by Member of Trade Association
Universal Citation: MD Code Reg 31.03.10.02
Current through Register Vol. 51, No. 6, March 22, 2024
A. In General. A person is not required to be licensed as an adviser under Insurance Article, § 10-203, Annotated Code of Maryland, in order to represent to the public that the person is a member of a trade association or similar organization that uses the term "insurance adviser" or a similar term in the name of the association or organization if the person:
(1) Is a member in good standing of the trade association or similar organization at the time that the person makes the representation;
(2) Does not otherwise act as an adviser or represent that the person is an adviser; and
(3) Makes the representation in accordance with the requirements of §B of this regulation.
B. Manner of Representation. A person who otherwise qualifies to make a representation under §A of this regulation may make the representation only if the person:
(1) Expressly qualifies the representation by use of a disclaimer such as "not a licensed insurance adviser" or, if the person is a licensed insurance producer, "licensed insurance producer only"; or
(2) Makes the representation:
(a) During a meeting of the trade association or similar organization held for the purpose of conducting the association's or organization's general business activities;
(b) In a newspaper, newsletter, e-mail, or similar publication or electronic communication that is intended to be distributed only to members of the trade association or similar organization;
(c) While soliciting a person to become a member of the trade association or similar organization; or
(d) During an approved continuing education class for licensed insurance producers.
C. Manner of Disclaimer. A person who is required to make a disclaimer under §B(1) of this regulation shall make the disclaimer:
(1) At the same time and in the same medium as the representation; and
(2) If the representation is made in writing, on the same document or screen close to the representation.
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